CBEX is Back! Embattled Platform Relaunches for New Investors

CBEX is back, and has resumed operations again, inviting new investors to join. This comes after a lot of trouble and complaints from people who lost money when the platform suddenly stopped letting users take out their funds. Now, CBEX relaunches for new investors, promising to fix things and let people withdraw their money again.

A few weeks ago, many Nigerians who used CBEX said they couldn’t get their money out. This caused a big outcry because people lost a lot of money – about N1.3 trillion – and over 600,000 people were affected. The Nigerian government, through the Economic and Financial Crimes Commission (EFCC) and the Securities Exchange Commission (SEC), promised to take action against CBEX and its promoters because they believed the platform was a scam.

Even with these investigations going on, CBEX is back and has quietly started allowing new users to sign up, trade, and even withdraw profits. According to some reports, the platform is undergoing an insurance check and a financial audit by a company from the UK. This audit is to find out exactly how much money was lost when CBEX crashed on April 14. They say that from June 25, existing investors will be able to withdraw their funds once the audit is finished.

CBEX relaunches for new investors with some new rules. For example, if someone had $1,000 on the platform before, they now have to add $100 to get their old balance back. If they had more than $1,000, they must add $200. People have started putting in this extra money so they can get back what they lost. But for now, old investors can trade but cannot take out their money.

Some say the real loss from the crash was about N126 billion, which is less than the widely believed N1.3 trillion. CBEX started in November 2024 and promised people 100% profit after 30 days of trading using AI technology. The platform got approval from some government bodies but never registered with the SEC, which is required for investment platforms.

Many people think CBEX is a Ponzi scheme. This means that the platform uses money from new investors to pay returns to earlier investors, which is not a real way to make profits. When the platform stopped letting people withdraw money before, it was a big warning sign. Now that CBEX is back and looking for new investors while old ones still can’t withdraw, many are worried it might just be the same scam starting again.

The EFCC has been working hard to catch those behind CBEX. Recently, a court ordered the arrest of six promoters linked to the platform over a $1 billion scam. One important trader on CBEX also turned himself in to the EFCC for questioning. The agency has even named a foreign national wanted for helping with the fraud.

The SEC is serious about stopping scams like CBEX. They have new laws that make punishments tougher, including big fines and jail time for anyone caught running fake investment schemes. The SEC’s boss, Dr. Emomotimi Agama, said they will shut down Ponzi schemes and punish the people behind them.

He also warned Nigerians not to trust investment platforms just because they are registered with some government agencies. Registration with the Corporate Affairs Commission or the EFCC’s money laundering unit does not mean the platform is safe or legal.

So, while CBEX is back and trying to bring in new investors, people should be very careful. The platform’s history and the way it asks old investors for more money are signs that it might not be trustworthy. Always remember, if an investment promises very high returns quickly and stops you from withdrawing your money, it is likely a scam. Stay safe and do your research before investing.

Was this information useful? Drop a nice comment below. You can also check out other useful contents by following us on X/Twitter @siliconafritech, Instagram @Siliconafricatech, or Facebook @SiliconAfrica.