Weeks after the sudden halt of operations left many Nigerian investors in financial turmoil, the digital financial platform Crypto Bridge Exchange (CBEX), often viewed as a scam, has controversially resumed its activities across the nation.
The platform’s unexpected comeback has generated a blend of cautious hope and renewed doubt, as its operators now require an activation fee from investors wishing to retrieve their lost assets.
Individuals who saw their life savings vanish when CBEX ceased operations in April are now being encouraged to log back into their accounts.
“Someone advised me to check my CBEX account this morning, claiming our balances had been restored,” an investor, who asked to remain unnamed, told Peoples Gazette, sharing a screenshot that supposedly shows the recovered funds.
However, this alleged restoration comes with a notable stipulation: investors must pay a fee to reactivate their accounts before they can make any withdrawals.
For those with investments over $1,000, a fee of $200 is required, while those with smaller investments face a charge of $100.
This new requirement has intensified worries among those who have already been victimized. “This appears to be yet another trap—they’re requesting $200 to ‘continue trading’ before permitting withdrawals,” another investor expressed dissatisfaction, underscoring the doubts regarding the platform’s motives.
The abrupt decline in April sparked widespread anger, resulting in the ransacking of CBEX’s office in Ibadan. At that time, the platform, which had vowed to double investors’ deposits within a 40-day period, attributed the massive losses to a “hacker attack,” a claim that was met with skepticism by many.
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The administrators of the scheme’s Telegram group had also restricted access, inhibiting victims from expressing their complaints.
In the meantime, the Economic and Financial Crimes Commission (EFCC) has been diligently investigating the CBEX operation, apprehending several suspects and tracking stolen assets to various foreign nations.
The agency has also issued wanted notices for numerous Nigerian accomplices, adding two more names to its list last week. Despite these ongoing investigations, the EFCC has acknowledged that a complete recovery of all lost investments may not be feasible, leaving many victims with little hope for full restitution.
The new demand for activation fees by CBEX operators complicates an already difficult situation for the defrauded investors.
