After vanishing with millions of naira earlier this year, the notorious Crypto Bridge Exchange (CBEX) scheme is back online, this time with fresh demands.
Investors who lost funds have now been told to pay up to $200 if they hope to retrieve what was stolen from them.
CBEX, which presented itself as a digital trading platform promising quick profits, shut down operations in April, locking thousands of Nigerians out of their accounts and wiping out savings.
This led to public outrage and even violent reactions, with the scheme’s office in Ibadan looted during protests by angry victims.
Now, the scheme appears to be making a comeback, sending messages to past investors urging them to log into their accounts. Some report that account balances have suddenly reappeared, but with conditions.
“Someone told me to check my CBEX account this morning, claiming our balances had been restored,” one user told Peoples Gazette, sharing a screenshot showing a seemingly reinstated wallet.
But before withdrawals are allowed, users must pay a new activation fee. According to multiple victims, CBEX is asking for $200 from those who had invested more than $1,000. Investors with lower amounts are being told to pay $100.
“This seems like another trap—they’re asking for $200 to ‘continue trading’ before allowing withdrawals,” said another affected user.
This latest development has triggered fresh uneasiness that the operators may be attempting to recycle the fraud, capitalising on the desperation of victims who are still clinging to hope.
Back in April, CBEX claimed its systems had been “hacked” and blamed the shutdown on a cyberattack. Users were removed from discussion groups like Telegram, cutting off any chance of collective complaint or mobilisation.
The so-called trading platform, which had guaranteed returns of up to 100% in 40 days, vanished without warning.
In the aftermath, the Economic and Financial Crimes Commission (EFCC) launched an investigation, arresting several suspects and confirming that stolen funds had been moved across multiple foreign countries. Two additional collaborators were declared wanted last week.
The EFCC has admitted that full recovery of lost funds is unlikely, leaving many devastated families without restitution.
What’s happening now feels like a cruel second act. Instead of providing justice or resolution, CBEX is back to prey on those it already devastated, asking them to risk even more, for the slim chance of getting something back.
