Crypto Bridge Exchange (CBEX), a Ponzi scheme that absconded with investors’ funds earlier this year, has reinstated depositors’ balances on Tuesday as investigations by Nigerian authorities intensify.
The Economic and Financial Crimes Commission (EFCC) had previously launched an investigation into the disappearance of deposits, assuring the public of its commitment to recovering the lost funds.
On Tuesday, subscribers indicated that they could view their wallet balances prior to the platform’s alleged collapse in April. However, they are now being asked to pay extra fees to reclaim their investments.
To facilitate the retrieval of their lost funds, individuals who initially invested over $1,000 are being asked to make a new deposit of $200, while those with investments below $1,000 must contribute $100.
A victim, who wished to remain anonymous, shared their dismay: “I can see my balance, but it seems absurd to be asked for an additional deposit to recover my investment. I’ll wait to see what happens next, but if it requires more money, I’m out.”
Despite this, the scheme is reportedly demanding these additional payments before investors can access or withdraw their funds.
CBEX unexpectedly collapsed in April, locking users out of their accounts and inciting panic among its subscribers.
Outraged victims took to the streets in protests, even looting the scheme’s office in Ibadan, the capital of Oyo State.
The company had previously promised to double deposits within a span of 40 days.
In response to the backlash, CBEX locked its Telegram group to silence complaints, while operators attributed the shutdown to hackers.
The EFCC has announced the arrest of several suspects and has traced funds across multiple countries, with some individuals recently declared wanted in connection with this cryptocurrency scam.
Nevertheless, the EFCC has cautioned that recovering all lost investments may not be feasible.
