Crypto Bridge Exchange (CBEX), a Ponzi scheme that vanished with investors’ funds earlier this year, has reinstated depositors’ balances on Tuesday amid a heightened investigation by Nigerian authorities.
The Economic and Financial Crimes Commission (EFCC) previously initiated an inquiry into the missing deposits, promising to recover the losses incurred by Nigerian investors.
However, subscribers reported on Tuesday that they could see the amounts in their wallets prior to the platform’s alleged collapse in April. Victims are now being asked to pay additional fees to access their investments.
To allegedly retrieve their funds, individuals who initially invested over $1,000 are being requested to make a new deposit of $200, while those who invested less than $1,000 must contribute $100.
One victim, speaking anonymously, expressed frustration: “I can see my balance, but being asked for a fresh deposit to recover my investment is unreasonable. I’ll wait to see what unfolds before deciding my next steps, but if it requires additional funds, I will not participate.”
Despite this, the scheme reportedly insists on these extra payments before investors can access or withdraw their funds.
CBEX caught many off guard in April when it collapsed without warning, locking users out of their accounts and triggering widespread panic.
Angry victims resorted to violent protests, including the looting of the scheme’s office in Ibadan, Oyo State’s capital.
The company had previously assured investors that their deposits would be doubled within 40 days.
In an attempt to quell complaints, CBEX locked its Telegram group, while operators blamed hackers for the shutdown.
The EFCC has confirmed the arrest of several suspects and has traced funds to multiple countries; some individuals have also been declared wanted in connection with this cryptocurrency scam.
However, the EFCC has cautioned that full recovery of lost investments may not be guaranteed.
