CBEX Ponzi Scheme Reportedly Resurfaces, Asking Nigerians for $200 to Recover Investments

Crypto Bridge Exchange (CBEX), a notorious Ponzi scheme that duped scores of Nigerians earlier this year, has resumed operations nationwide and is now asking victims to pay additional fees to retrieve their lost investments.

Victims revealed that the platform, which had vanished with hundreds of thousands of dollars in April, is requesting a new deposit of $200 from individuals who initially invested over $1,000 and $100 from those who invested less.

One victim who spoke to People’s Gazette on Tuesday said, “Someone asked me to log into CBEX account this morning that they have returned our balance.”

However, the scheme allegedly demands the extra payments before investors can access or withdraw the funds.

“They said we have to pay $200 to continue trading with the account before we can apply for withdrawal,” another source disclosed, describing it as a renewed attempt to defraud desperate investors.

In April, CBEX collapsed without warning, locking users out of their accounts and sparking panic. The incident led to violent protests, including the looting of its Ibadan office.

The company had previously promised to double deposits within 40 days.

Despite locking their Telegram group to suppress complaints, CBEX operators blamed hackers for the shutdown. Meanwhile , the Economic and Financial Crimes Commission (EFCC) confirmed it arrested some suspects and traced funds to multiple countries.

It also declared several collaborators wanted but warned it might not be able to recover all lost investments.