Is CBEX Back in Business? Looking at Recent Activity

CBEX has resurfaced in the headlines as investors report their account balances are now visible again. After the platform locked users out in April 2025 and emptied accounts, this new development has raised hopes for a recovery. 

However, with withdrawals still restricted and new deposits requested, questions remain: is CBEX truly operational again, or is this another layer of manipulation?

What Happened with CBEX in the First Place?

CBEX made waves in Nigeria in late 2024 by promising a 100% return on investment within 30 days, supposedly driven by AI-powered algorithmic trading. 

The platform carried the appearance of a modern fintech brand, complete with high-end branding, social media presence, and claimed affiliations with well-known financial institutions. 

Its “offices” in Lagos and Ibadan gave it an air of legitimacy, while multi-level referral incentives helped it spread quickly across online communities.

By early 2025, however, cracks began to show. In April, hundreds of users discovered their CBEX accounts had been emptied. 

Withdrawals stalled without explanation, and many investors were suddenly unable to log in. What followed was public outcry, protests at physical CBEX locations, and coverage from major outlets like Nigerian Tribune and BBC Pidgin.

The Economic and Financial Crimes Commission (EFCC) stepped in, initiating an investigation, arresting suspects, and promising to recover stolen funds. 

Investors reportedly lost over ₦1.3 trillion ($800,000), making it one of the most damaging crypto-related incidents in Nigeria in recent years.

CBEX, like other schemes such as PCEX and LWEX, used technology as a front. The sleek user interface and references to AI trading lent it credibility. 

But behind the branding was a classic Ponzi model: early returns were funded by new deposits, and when fresh money stopped coming in, the system collapsed.

Read more: What is CBEX? Two Different Entities Explained

What’s Going On Now: Real Recovery or a New Trap?

In June 2025, CBEX investors began to notice that their accounts were active once more. Balances, previously wiped out, appeared to be restored. 

This sparked cautious optimism among victims who had written off their funds. But the hope quickly gave way to confusion when the platform introduced a new condition: users must deposit $100 or $200 before withdrawals could be initiated.

This requirement raised immediate red flags. Many cybersecurity experts and regulatory bodies warn that such tactics are often used in fraudulent platforms to extract additional funds from desperate users. 

It mirrors the strategy seen in April, when CBEX asked for “verification fees” from users trying to reclaim their money.

According to BBC Pidgin, some investors confirmed they could view their funds but were unable to convert the digital balance into real money. 

No withdrawals were processed, and the platform's support channels provided vague or automated responses. Meanwhile, there was no official statement from CBEX confirming the reason for these new deposit requirements.

The EFCC has maintained that investigations are ongoing and urged the public to avoid investing in platforms promising guaranteed high returns. 

The agency’s chairman has also stressed that Nigerians must learn to identify financial scams, warning that platforms like CBEX appeal to the “greed of the people” and often prey on those seeking quick profits without understanding the risks involved.

At this stage, the reactivation of user balances appears more like a psychological tactic than a technical restoration. It gives the illusion of hope while attempting to extract even more money from victims. 

Until unrestricted withdrawals are confirmed and overseen by authorities, it’s difficult to consider CBEX truly back in business.

Read more: Is Crypto Trading Legal in Nigeria?

Lessons for Investors: Staying Safe in the Face of Deception

The CBEX case highlights the evolving nature of digital fraud. Unlike older scams with crude websites or unclear language, CBEX presented itself as a legitimate investment opportunity. 

It had a convincing user interface, community support, and even customer service chatbots. It avoided overt red flags, making it harder for non-technical users to spot the danger.

One major concern now is the temptation for affected investors to send additional funds just to “unlock” their balances. This behaviour is understandable but dangerous. 

The FBI and Nigeria’s Securities and Exchange Commission have both issued warnings that platforms demanding deposits to process withdrawals are often engaged in further fraud. It’s a method designed to pull in fresh capital under the illusion of progress.

Regulators advise several steps to protect yourself:

• Always verify investment platforms with financial authorities. If a company claims to be registered or regulated, check that it appears on official government lists.
• Avoid pressure tactics. If you are rushed to invest with promises of quick returns, take a step back. Legitimate opportunities do not expire in hours.
• Be cautious with platforms that operate only through Telegram, WhatsApp, or obscure web portals. These channels are common among scam networks.
• Seek independent financial advice before committing funds. Preferably, this advice should come from a certified, unaffiliated expert who can assess risk without bias.
• Understand how a platform generates returns. If the business model is unclear or based on vague concepts like “AI trading,” that should be a warning sign.

CBEX may eventually become a case study in how well-designed scams can manipulate users not once, but multiple times. 

Recognising the patterns and learning from them is essential to reducing the risk of future financial loss, especially as digital investment opportunities continue to grow across Africa.

Read more: Abuja Faces Power Outage

Conclusion

While CBEX may appear to be operational again, its actions raise more suspicion than confidence. Visible account balances without withdrawal access and new deposit requirements mirror its earlier tactics.

Until funds can be withdrawn freely, investors should treat the platform with extreme caution. For those exploring crypto investments, transparency and regulation should always be prioritised over flashy promises.

If you're seeking safer and more trustworthy ways to trade cryptocurrency, consider using Bitrue. It offers a secure environment, verified assets, and real-time support, giving you more peace of mind in an unpredictable market.

Frequently Asked Questions

1. Is CBEX safe to use now?

No. Despite account balances being visible again, withdrawals are still blocked. There is no clear indication that the platform is trustworthy or regulated.

2. Can I get my money back from CBEX?

At present, withdrawals remain restricted, and the EFCC is still investigating. Do not send any new deposits to the platform, as this could lead to further loss.

3. What should I do if I invested in CBEX?

Contact the EFCC and avoid interacting with the platform further. Do not send verification fees or deposits. Gather documentation to support any recovery efforts.

Investor Caution 

While the crypto hype has been exciting, remember that the crypto space can be volatile. Always conduct your research, assess your risk tolerance, and consider the long-term potential of any investment.

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