CBEX Restores Wallet Balances, Demands Fresh Deposits

By Iyojo Ameh

Crypto Bridge Exchange (CBEX), a controversial cryptocurrency investment platform that abruptly collapsed in April, has restored wallet balances to users — but only on the condition of fresh deposits, raising fresh concerns about the legitimacy of its operations.

The development comes amid an ongoing investigation by the Economic and Financial Crimes Commission (EFCC) into the platform, which is widely believed to be a Ponzi scheme.

Subscribers, whose accounts were previously inaccessible, can now view their balances. However, CBEX is reportedly demanding additional payments before funds can be withdrawn. According to multiple sources, users who initially invested over $1,000 are being asked to deposit $200, while those with smaller investments must pay $100 to regain access to their money.

A victim who spoke anonymously to Leadership expressed skepticism over the move: “I have been able to view my balance, but it makes no sense to be asked for a fresh deposit to retrieve my investment. I’ll wait to see what happens, but if it requires another deposit, then count me out.”

CBEX came under intense scrutiny in April when it suddenly shut down operations without warning, locking out users and sparking widespread panic. The company, which had promised to double deposits within 40 days, blamed hackers for the shutdown. However, users were unconvinced, especially after the firm disabled its Telegram group to suppress complaints.

In the days following the collapse, frustrated investors staged violent protests, including the looting of the company’s office in Ibadan, the Oyo State capital.

The EFCC has since arrested several suspects linked to the case and traced diverted funds across multiple countries. In a recent update, the anti-graft agency also declared additional individuals wanted in connection with the scam.

As the investigation unfolds, many subscribers remain wary, questioning whether the newly restored wallet balances are a genuine sign of recovery or another ploy to extort more money from victims.