The Economic and Financial Crimes Commission (EFCC) has formally arraigned two operators of the embattled Crypto Bridge Exchange (CBEX), Avwerosuo Otorudo and Chukwuebuka Ehirim, before the Federal High Court in Abuja over their alleged involvement in a staggering $1 billion cryptocurrency investment fraud. The accused appeared before Justice Mohammed Umar on Monday, facing a three-count
Lagos, June 10, 2025 – In a development raising fresh concerns over online financial fraud, the notorious CBEX Ponzi scheme has reportedly resumed operations, luring previous victims and new participants with promises of fund recovery, at a fee. Multiple reports circulating on social media and online forums indicate that operators of CBEX, which collapsed months
Despite being banned by the Securities and Exchange Commission (SEC) and under investigation by the Economic and Financial Crimes Commission (EFCC) for an alleged ₦1.2 trillion fraud affecting over 600,000 Nigerians, the embattled digital trading platform Crypto Bridge Exchange (CBEX) has quietly resumed operations. The platform has reintroduced withdrawal options and is allowing new users
The Federal Government has declared a renewed war against Ponzi schemes in Nigeria, with the Economic and Financial Crimes Commission (EFCC) and the Securities and Exchange Commission (SEC) pledging to clamp down on fraudulent investment platforms operating across the country. This move follows the collapse of CBEX, a digital asset trading platform that lured unsuspecting
The Economic and Financial Crimes Commission (EFCC) has assured individuals who invested in the troubled CBEX digital trading platform that they will receive full refunds. The anti-graft agency confirmed it had already initiated a probe into the platform before the recent surge in public outcry. The CBEX platform, which promised investors a 100% return on
A wave of anguish has swept across Nigeria following the alleged collapse of CBEX, a digital investment platform accused of siphoning over N1.3 trillion from unsuspecting investors in what appears to be yet another devastating Ponzi scheme. The incident has left thousands of Nigerians, many of whom had entrusted their life savings to the platform,
Tension erupted in Ibadan as a group of aggrieved youths and investors descended on the local office of CBEX, a digital trading platform, following its reported crash which left users unable to access their funds. The incident occurred in the Oke Ado area of the Oyo State capital, where crowds stormed the premises in frustration,
Concerns are mounting over the operations of CBEX, a digital asset trading platform, as users report experiencing withdrawal delays, sparking fears of a potential Ponzi scheme. Social media platforms have been abuzz with warnings and debates regarding the legitimacy of the platform. An X user, @Letter_to_Jack, issued a cautionary note after learning of an individual
