CBEX Ponzi Scheme Resurfaces, Demands Payment for Fund Recovery

The notorious Crypto Bridge Exchange (CBEX) Ponzi scheme has reportedly resumed operations in Nigeria, demanding payments from investors to recover their lost funds.

After abruptly shutting down and absconding with hundreds of thousands of dollars, CBEX has restored account balances for some investors, but with a catch.

Investors are required to pay $200 to reactivate their accounts before withdrawing their money. Those with smaller investments are allegedly being asked to pay $100.

This move has sparked concerns that CBEX is setting another trap for its victims.

The scheme’s collapse in April left many investors devastated, with some losing their life savings.

The Economic and Financial Crimes Commission (EFCC) has since launched an investigation, arresting suspects and tracing stolen funds to foreign countries.

The agency has also declared several Nigerian collaborators wanted.

Despite the EFCC’s efforts, many victims remain skeptical about recovering their lost investments. The commission has admitted that retrieving all stolen funds may be challenging.

CBEX had promised to double investors’ deposits within 40 days, posing as a legitimate digital trading platform. However, the scheme’s administrators blamed losses on a “hacker attack” when investors tried to voice their grievances.

The EFCC’s ongoing investigation aims to bring perpetrators to justice and provide restitution to affected investors.