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Controversial Return: CBEX Bounces Back As EFCC Probe Heats Up
The embattled cryptocurrency platform, Crypto Bridge Exchange (CBEX), has resumed operations even as authorities continue to investigate an alleged ₦1.2 trillion digital investment fraud affecting over 600,000 Nigerians.....KINDLY READ THE FULL STORY HERE▶
Traders who spoke with The PUNCH on Wednesday confirmed that CBEX has quietly reactivated its services. The platform is now accepting new user registrations, allowing trading and withdrawals—though previous investors remain locked out of their accounts, pending the outcome of an external audit by a UK-based insurance firm.
Platform Reopens Amid Regulatory Heat
CBEX’s decision to reopen comes just weeks after it was declared illegal by the Securities and Exchange Commission (SEC) and placed under active investigation by the Economic and Financial Crimes Commission (EFCC).
The firm, which had promised 100% returns in 30 days through AI-powered crypto trading, collapsed on April 14, 2025. It had previously been registered with the Corporate Affairs Commission on September 25, 2024, and listed under the EFCC’s Special Control Unit Against Money Laundering as of January 16, 2025.
Partial Withdrawals Set for June
Sources revealed that an external audit is ongoing to determine actual losses, with June 25, 2025, set as the date for partial withdrawals—up to 50% of trapped capital for old users.
“For example, investors with $1,000 stuck in CBEX will be allowed to withdraw $400 by June 25 and another $400 by August 25,” a trader told The PUNCH. “However, this will only happen after they deposit $100 or $200, depending on their previous capital, for an insurance verification process.”
EFCC Declares Elie Bitar Wanted
Meanwhile, the EFCC on Wednesday declared Elie Bitar, a foreign national, wanted in connection with the CBEX fraud. He is reportedly linked to fraudulent cryptocurrency operations on the platform. His last known address was at Eng. George Enemoh Crescent, Lekki Phase 1, Lagos, and the public has been urged to provide any information about his whereabouts.
New Users Operate Freely
Despite locked legacy accounts, CBEX insiders confirmed that new investors are currently free to trade, earn referral bonuses, and withdraw profits without restrictions. “The audit only affects older accounts,” a source disclosed.
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