Unraveling the CBEX Saga: A Resilient yet Embattled Cryptocurrency Trading Platform
A Platform on the Rise and Fall
Continued Business Operations for CBEX, Despite EFCC Investigation
In the Nigerian crypto sphere, Crypto Bridge Exchange (CBEX) surfaced, promising high returns through cryptocurrency trading. However, its reputation took a dive due to allegations of a humongous fraud, with investigations ongoing by the Economic and Financial Crimes Commission (EFCC) and a prohibition by the Securities and Exchange Commission (SEC).
Resurrection Amidst Scrutiny
In the face of accusations and regulatory actions, CBEX made its dramatic return. The platform unveiled new withdrawal options in an effort to win back investor trust, with former investors anticipated to reclaim their funds starting June 25, 2025, following an audit and insurance verification process. In the meantime, new users can register and cash out their earnings without constraints, as these fresh accounts are exempt from the ongoing review[2][3].
A Tale of Similarities with Ponzi Schemes
What is a Ponzi Scheme? - CBEX echoed several characteristics of infamous Ponzi schemes. It offered jaw-dropping returns of up to 100% profit within just 30 days ostensibly due to AI trading. This model bears striking resemblance to Ponzi schemes, where returns are doled out to existing participants using funds contributed by newly joined investors, rather than generated from profits. The platform's lack of transparency and Regulatory compliance mirrors the usual hallmarks of such schemes[2][5].
EFCC’s Wanted Notice for Elie Bitar
The EFCC actively pursued Elie Bitar, declaring him a wanted man due to his alleged implication in the cryptocurrency fraud linked to CBEX. As investigations unravel, transactions implicating Bitar and other suspects have come to light, leading to some arrests. Bitar’s whereabouts were last recorded in Lekki, Lagos State. The EFCC beseeches anyone with valuable information about Bitar’s whereabouts to come forward, signaling their unwavering commitment to quashing financial fraud in Nigeria[1][4][5].
Tracking the Timeline
- 2024: CBEX gets started in operations, attracting investors with high-profit promises.
- 2025 (January): EFCC's Special Control Unit Against Money Laundering grants CBEX registration approval.
- 2025 (Early): CBEX shatters, sparking widespread allegations of fraud.
- 2025 (Late April): EFCC issues a wanted notice for Elie Bitar, implicated in the CBEX fraud.
- 2025 (May): Despite prevailing investigations and SEC ban, CBEX rises again, offering a new face to its former users[2][3].
- The Crypto Bridge Exchange (CBEX), a notable cryptocurrency trading platform in Nigeria, often referred to as 'Naija', initially promised high returns, drawing the attention of numerous Nigerians.
- CBEX, embroiled in accusations of fraud, was under investigation by the Economic and Financial Crimes Commission (EFCC), and the Securities and Exchange Commission (SEC) had banned the platform.
- In defiance of the allegations and regulatory actions, CBEX re-emerged, announcing new withdrawal options to potentially regain investor trust, with the auditing and insurance verification process set to begin on June 25, 2025.
- As new users flocked to the revamped platform, the ongoing review of old accounts remained in effect[2][3].
- CBEX's business model bore a striking resemblance to infamous Ponzi schemes, offering exorbitant returns and lacking transparency and regulatory compliance[2][5].
- The EFCC had declared Elie Bitar, allegedly involved in the CBEX fraud, as a wanted fugitive, with transactions linking him to the Matter traceable in Lagos[1][4][5].
- The timeline of events revealed that CBEX started operations in 2024, gained EFCC's registration approval in 2025 (January), and collapsed in 2025 (Early), followed by the EFCC's issued wanted notice for Elie Bitar in 2025 (Late April), and the platform's resurrection in 2025 (May)[2][3].
- The general news and crime-and-justice sections have taken notice of the CBEX saga, emphasizing the importance of due diligence in investing, particularly in the rapidly evolving world of finance and technology.
