CBEX Scam in Nigeria: How Over 600,000 Investors Lost ₦1.3 Trillion

CBEX Scam in Nigeria: How Over 600,000 Investors Lost ₦1.3 Trillion

Introduction

In early 2025, Nigeria was rocked by one of the largest cryptocurrency frauds in its history. CBEX (Crypto Bridge Exchange) promised investors a 100% return in just 30 days. Instead, it disappeared with an estimated ₦1.3 trillion, affecting over 600,000 Nigerians.

How It Started

CBEX operated under a company called ST Technologies International Ltd. It had CAC registration but wasn’t licensed by the Nigerian SEC. That didn’t stop it from luring investors with mouthwatering returns in digital assets and crypto trades.

Sudden Collapse

On April 9, 2025, CBEX froze withdrawals. Then, it demanded more money from users to “verify” accounts—$100 or $200, depending on their balance. Shortly after, the platform went completely offline.

EFCC Steps In

The Economic and Financial Crimes Commission (EFCC) began investigating. Elie Bitar, a Lebanese national tied to CBEX, was declared wanted. Another promoter, Adefowora Abiodun, turned himself in. The EFCC is now working with Interpol to trace the stolen funds.

Regulatory Gaps

The SEC explained it couldn't stop CBEX earlier because the company wasn’t officially registered as an investment platform. Critics, however, argue the SEC and law enforcement could’ve acted faster.

Bigger Picture

CBEX is part of a troubling trend. Since 2016, Nigerians have lost around ₦4.8 trillion to crypto-related scams. With the naira’s devaluation, losses could be closer to ₦8 trillion.