CBEX Makes U-turn, Clears Old Users’ Transaction History Amid EFCC Probe
Despite an ongoing investigation by the Economic and Financial Crimes Commission (EFCC), the digital trading platform Crypto Bridge Exchange (CBEX) has resumed operations and begun clearing the transaction histories of its old users.
According to new messages shared in the CBEX user group on Thursday and obtained by Tribune Online, the Ponzi scheme, also operating under the corporate identity of ST Technologies International Ltd, Smart Treasure/Super Technology, has assured users of renewed commitment and compensation plans, despite the controversies surrounding its shutdown and fraud allegations.
One of the messages reads, “ST has consistently faced various challenges head-on, formulating specific action plans and timelines to mitigate losses for every user. At the same time, new policies have been introduced to swiftly respond to market changes, ensuring the shared goal of mutual benefit for ST, CBEX, and users.”
To address the concerns of long-time users affected by the platform’s previous inactivity, the platform stated that it has extended the account verification period until June 25.
“For existing users, ST has extended the account verification period for old users until June 25th. This allows those who have not yet raised the necessary funds for verification or have been affected by rumours ample time to receive compensation from the ST fund.
The messages detailed the process of verification and compensation, which, according to the platform, includes depositing $100 for accounts with balances up to $1,000, and $200 for accounts exceeding that amount.
“After the recharge is completed, the affected account will receive the corresponding compensation funds within 1 to 24 hours.”
The platform added that accounts that complete the process and receive compensation are expected to begin withdrawing 50 per cent of their principal losses after June 25, with a timeline extending to October for full access to funds.
“Accounts that complete verification and receive compensation from the ST fund by 25th June can withdraw 50% of their principal losses after 25th June. After 25th August: The remaining 50% of the principal losses can be withdrawn. After 25th October: After the 25th of each month, each account can withdraw 30% of its account balance as profit.”
A breakdown was also provided to illustrate the recovery process. “For example, if your initial investment is $5,000 and you have not withdrawn any funds since joining the team, you can withdraw 50% of $5,000, which is $2,500, after June 25.”
New users who join the platform from April 21 have been promised immediate access to their funds, subject to specific trading volume requirements.
“New users who join after April 21 can withdraw their principal and earnings at any time without any restrictions, as long as they meet the required trading volume.”
The update also announced the launch of a new sub-account feature and relaxed bonus withdrawal terms.
“ST also introduced a sub-account feature, allowing everyone to have 2 accounts for profit after completing verification. Which means you can participate in trade with greater flexibility.
“Additionally, any bonuses earned by new members you invite, as well as dividends after upgrading to VIP status, can be quickly withdrawn without the need to meet any trading volume requirements, enabling your efforts to translate into earnings more swiftly.”
Further checks revealed that the platform had also cleared all transactions of its old users, leaving their accounts blank.
This development follows a series of public notices issued by the EFCC, declaring several individuals wanted in connection with the CBEX fraud.
Naija News House reports that CBEX, an online investment platform, has been at the centre of a multi-billion-naira fraud scandal for the past few days after disappearing with funds belonging to thousands of Nigerians.
The scheme had lured investors with promises of high returns on digital asset trades before going offline without warning.
CBEX’s downfall affected a wide range of Nigerians, including popular Ibadan-based Fuji musician Taye Adebisi, popularly known as Taye Currency, who lost N10 million after being introduced to CBEX by close associates.
