CBEX demanding more money from victims despite collapse, amid ongoing EFCC probe

CBEX demanding more money from victims despite collapse, amid ongoing EFCC probe

The embattled digital investment platform, Crypto Bridge Exchange (CBEX), which recently collapsed, is reportedly asking distressed Nigerian investors to pay additional fees in order to access compensation—despite widespread losses and an ongoing investigation by the Economic and Financial Crimes Commission (EFCC).

In what appears to be a classic case of a Ponzi scheme, CBEX, which claimed to trade digital assets using AI technology, has reportedly defrauded Nigerians of an estimated ₦1.3 trillion.

The platform attracted thousands of users by promising daily profits of up to 3%, showcasing fake trading charts, and using a referral system that incentivized users to bring in new investors.

Following its collapse, the EFCC has stepped in, vowing to work with INTERPOL and international law enforcement agencies to track down the masterminds and recover investors’ funds.

Speaking on Channels Television’s Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale confirmed that CBEX was unlicensed and unregistered in Nigeria, and that a multi-agency probe was underway.

Oyewale noted that although CBEX operated largely outside EFCC’s typical jurisdiction due to its foreign and digital nature, the Commission had received numerous petitions from victims and was pursuing the case in partnership with global bodies.

Despite these assurances, CBEX—also known by aliases such as ST Technologies International Ltd and Smart Treasure/Super Technology—has resumed communication with its users, demanding a “verification fee” before withdrawals can be processed. Instead of issuing refunds, the platform now insists that:

Users with less than $1,000 must pay $100;

Those with over $1,000 must pay $200;

Referrers (UPLINE) are urged to assist downlines with smaller account balances.

CBEX set a deadline of 11:59 p.m. on April 17, warning that their supposed “insurance company” would stop covering claims after that time.

The saga has impacted not just everyday Nigerians but also prominent figures. Notably, popular Fuji musician Taye Currency revealed he lost ₦10 million to the fraudulent platform.

As calls for justice mount, the EFCC continues to urge victims to remain hopeful, promising that efforts are underway to trace the funds and bring the perpetrators to justice. However, with CBEX now making fresh demands from its victims, many fear the damage may not yet be fully done.

The message reads partly, “If your account balance is less than $300, you can ask your UPLINE to temporarily pay the $100 audit fee for you, and then return it to him after you withdraw the funds.

“If your funds are greater than $300, I think it is necessary for you to complete the $100 or $200 verification fee yourself. Then, after receiving the claim, you can join ST’s new group, and you can choose to continue trading or withdraw on April 18.

“The insurance company serving ST Fund Company will only make a single claim for an event. So it will stop paying claims at 23:59 on April 17, and users who have missed the account verification qualification by then will be deemed to have automatically waived the compensation qualification.

“ST has worked hard to fight for 3 days. There is only one day left.”