Despite the alleged N1.2tn digital trading fraud that reportedly affected over 600,000 Nigerians, the embattled Crypto Bridge Exchange trading platform, accused of these acts, has resumed operations, announcing fresh withdrawal options in a move to restore investor confidence.

Two traders on the CBEX platform confirmed Wednesday that the digital trading firm has quietly resumed operations, allowing new users to register, trade, and withdraw profits, despite ongoing investigations by regulatory agencies.

According to the sources, an insurance verification process and an external audit of the company’s financial records are currently underway to ascertain the actual amount lost in the scheme, which collapsed in April.

They added that existing investors, many of whom have been unable to access their funds for weeks, will be able to take out their funds starting from June 25, 2025, when the audit is expected to be concluded by an insurance firm based in the United Kingdom.

This development comes barely weeks after the Securities and Exchange Commission declared the platform illegal, and the Economic and Financial Crimes Commission confirmed an ongoing investigation into the firm’s operations.

CBEX, a digital investment platform, offered investors 100 per cent profit after 30 days of purported AI trading. The trading platform started operations in 2024 after receiving registration approval from the Corporate Affairs Commission on September 25, 2024, and the EFCC’s Special Control Unit Against Money Laundering on January 16, 2025.

No fewer than 600,000 Nigerians reportedly invested in the scheme and lost N1.2tn after it collapsed on April 14, 2025.

Miffed by the development, the EFCC declared eight persons wanted for promoting the program. They include Johnson Oteno, Israel Mbaluka, Joseph Michiro, Serah Michiro, Adefowora Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede.

On Monday, Adefowora Abiodun, a prominent leader and trader on the platform, voluntarily surrendered himself to the anti-graft agency for interrogation.

Other regulatory agencies, such as the SEC, also condemned the operations of the suspected Ponzi scheme, warning Nigerians to exercise extreme caution and steer clear of investment platforms that offer unrealistic returns under the guise of digital trading.

However, in defiance of regulatory warnings, fresh findings by The PUNCH on Wednesday revealed that more Nigerians are still being lured by promises of quick profits, with new users flocking to the platform in hopes of cashing in on its resumed operations.

One of the sources told one of our correspondents in confidence due to lack of authorisation to speak on the matter, that withdrawal options on the CBEX platform had been reactivated, noting that while new accounts could process withdrawals, funds from older accounts—allegedly wiped—remained inaccessible for now.

The trader noted that the platform is making efforts to clear its name of any allegations of fraud or any association as a Ponzi scheme.

The source said, “People can now withdraw from the CBEX platform. The withdrawal option has been activated. Let me explain the withdrawal. The old account was wiped; you can’t take out funds from it yet. On the 14th of this month, the Artificial Intelligence on the platform traded 100 per cent, lost its trade, and wiped people’s money out.

“But now, the promoters are saying that the platform and the CBEX application are insured, with verification of funds ongoing by the insurance company. Now, previous investors who have $1,000 as their capital would have to inject $100, and the former account balance would be restored, while persons with over $1,000 would have to put in $200 to bring back the account balance. And we have started seeing people put in these funds to get back their money, and are using it to trade now, as I talk to you.

“According to the latest information shared, previous investors can only trade but not withdraw because the United Kingdom government is carrying out an audit on their financial account, which will be completed between 30 to 60 days. Hence, the reason why previous investors cannot withdraw their funds yet.

“But from June 25th, you can now withdraw up to 50 per cent of your capital from the old account. For example, if you invested $1,000 and you could only withdraw $200 before, from the 25th, you can withdraw $400 from the remaining $800 capital, then from August 25th, you can withdraw the remaining $400 capital. But if you don’t do the verification, it won’t reflect in your account.”

Another source explained that fresh investors are currently able to register new accounts, fund them, and withdraw profits without restrictions, as the newly created accounts are not subject to ongoing audits.

According to the source, only the old accounts remain under financial review.

The promoters also refute allegations of fraud, insisting that funds remain intact and that the ongoing audit was focused on reconciling discrepancies in old accounts.

“Currently, fresh investors can register a new account, fund it, and withdraw their profit. The new accounts are not under audit. It is the old account that is under review.

“What they are auditing is because the Federal Government said they scammed Nigerians of N1.2tn, and they are insisting that the amount is not up to half of the publicised amount. They are claiming only N126bn was lost, and that is the reason for the audit. But new accounts can now start investing and get their money. There is also a bonus for referrals that you can withdraw immediately, and this is ongoing currently.

“They just want to prove to Nigerians that they are not scammers. It was just because AI traded 100 per cent of the funds that the money was lost. There is a new group where people can say whatever they want to say; they also drop signals for trading three times a day, but it is no longer automated; you have to do it by yourself. They would give you a code; you just have to put it in your account and trade. If you notice any abnormality, you can cancel it. That was how it was before AI started doing the trading,” the source stated.

When questioned on why the audit was not conducted by the Nigerian government, a source explained, “The firm is registered in the United Kingdom, not in Nigeria. They merely extended their operations here. In fact, they also have branches in Kenya, South Africa, and Egypt.”

Similarly, messages sent to a new Telegram group created for information sharing showed that a person could withdraw referral bonuses.

Addressing concerns from interested members in a user group, an admin identified simply as Laura stated that the specific cause of the platform’s issues was still under investigation, adding that the findings of the ongoing probe by the UK government would determine what is eventually made public.

The message read, “There are some factors in the incident on April 14th that I cannot tell you in detail. I can only tell you that Al was attacked and the trading strategy was tampered with.

“This is why some users who did not turn on HOSTING were able to survive. And this attack was definitely not from an individual, because Al’s firewall cannot be easily breached. Including the Bybit hacker incident last month, it was definitely not something that an individual could do. This was an organized and premeditated action.

“The specific cause is under investigation, and we need to wait for the official investigation results of the UK government before we make it public. As for this channel, some scammers affected by ST and online rumour mongers who received donations from scammers deliberately stigmatized the compensation.

“Some rumour mongers even claimed that CBEX administrators transferred more than $800m in assets. These are purely slanderous rumours. An exchange’s payment system can’t have only one common account. The payment system will randomly generate deposit addresses. These are all procedures of the exchange Including any wallet we use now will regularly update the deposit address.”

According to her, users must first accept the claims process initiated by the insurance company linked to the ST Fund firm.

She said, “We need to accept the claims processing of the insurance company that the ST fund company is tied to.”

The process involves verifying the authenticity of each account before any compensation can be issued for losses allegedly caused by the AI-related incident on April 14.

She added that many users have already begun receiving compensation.

“Moreover, the impact of this incident on the Internet has seriously exceeded our expectations. The UK government has also been negotiating with the Nigerian government.

“So the EFCC of Nigeria also contacted the CBEX official yesterday and provided absolute evidence through ST, proving that the ST fund company has indeed compensated users for their losses. You know the EFCC of Nigeria… If they are not absolutely sure, how can they have such courage to say to the public, ‘you will get your money back?’”Efforts to get the EFCC’s spokesman, Dele Oyewale, reaction on the latest development proved abortive. He did not pick up calls to his line and was yet to respond to a message sent to him on the matter.

However in furtherance of its investigation, the anti corruption agency has declared a foreign national, Elie Bitar, wanted for his alleged involvement in a cryptocurrency investment fraud linked to the online trading platform, Crypto Bridge Exchange.

In a bulletin released on Wednesday via the commission’s official social media platforms, the EFCC called on members of the public with useful information about Bitar’s whereabouts to contact any of its offices nationwide or reach out through its hotlines and email.

His last known address, according to the EFCC, is Eng. George Enemoh Crescent, Lekki Phase 1, Lagos.

It read, “The public is hereby notified that ELIE BITAR, whose photograph appears above, is wanted by the EFCC for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange,” the statement read.

Meanwhile, the Nigerian Financial Intelligence Unit has issued a strong advisory warning Nigerians against engaging in unregulated digital asset investment platforms, many of which exhibit traits of Ponzi and pyramid schemes.