Verification: Despite EFCC’s INTERPOL threat, CBEX wants more money

The recently collapsed digital trading platform, Crypto Bridge Exchange (CBEX), appears to be in need of more money from the visibly disturbed Nigerian investors, convincing them to cough out more in order to unlock compensation from their insurance firm for the loss to the collapse incident.

This is coming following Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), threatening to work with the International Police (INTERPOL) in bringing those behind the Ponzi scheme to book. 

While CBEX is not the first Ponzi scheme to crash in Nigeria, reports have it that Nigerians who invested in the Ponzi scheme lost not less than N1.3 trillion to the collapsed platform. 

How CBEX worked before collapse

CBEX, the latest addition of the Ponzi schemes to crash in the country, operated as a digital investment platform that claimed to trade digital assets and offer high profits. 

According to CBEX, an AI bot was used to trade twice daily, supposedly generating up to 3% profit each day. Users were shown fake trading charts and account balances, even though no actual trading was taking place.

The platform also used a referral system that rewarded users with bonuses for bringing in new members. This made many people eager to recruit others so they could earn more.

To access their bonuses, users were required to wait between 30 and 45 days before making any withdrawals. Withdrawing earlier came with heavy penalties, which kept money locked in the system and gave CBEX time to pull in more deposits.

EFCC assures investors of getting their money back

Following the collapse of the scheme, the Economic and Financial Crimes Commission (EFCC) confirmed that CBEX was not registered to operate in Nigeria and is being investigated as a Ponzi scheme, assuring that investors would get their money back.

Speaking on Channels Television’s Morning Brief on Wednesday, EFCC spokesperson Dele Oyewale clarified that although CBEX falls outside the commission’s direct jurisdiction due to its foreign and digital structure, an aggressive investigation is ongoing in collaboration with international partners.

He added that the commission had received several complaints and was working with INTERPOL and other international agencies to find those behind the platform and recover the stolen funds.

CBEX: A fraud that affects both rich and poor

The CBEX scheme did not just affect ordinary Nigerians but also caught the attention and trust of the wealthy and famous. One of the most shocking stories came from popular Ibadan-based Fuji musician, Taye Adebisi, better known as Taye Currency, who recently revealed that he lost N10 million to the platform.

Tribune Online reports that the singer, in a viral video, said he was introduced to CBEX by four of his close associates—Sodiq, Small London, Lateef, and another unnamed person. He explained that these people convinced him to invest in what they believed was a legitimate trading platform.

ALSO READ: CBEX: What we are doing to get Nigerian investors’ money back — EFCC

$100, $200 Verification: Another scam disguised for refund?

Despite all the chaos, CBEX, also operating under the corporate identity of ST Technologies International Ltd, Smart Treasure/Super Technology, has returned with more instructions for users. Instead of offering refunds, the platform is now asking people to pay a “verification fee” before they can withdraw their money.

According to new messages shared in CBEX user groups, users with less than $1,000 in their account must pay $100, while those with more than $1,000 must pay $200. They claim the payment is needed to verify accounts before withdrawals.

The platform urged referrals, also known as UPLINE, to help those whose account is less than $300 pay their $100 verification, while those with more than $200 are encouraged to pay it on their own.

They also gave a deadline: 11:59 p.m. on April 17. After that, they said, their “insurance company” would stop helping users claim their funds.

The message reads partly, “If your account balance is less than $300, you can ask your UPLINE to temporarily pay the $100 audit fee for you, and then return it to him after you withdraw the funds.

“If your funds are greater than $300, I think it is necessary for you to complete the $100 or $200 verification fee yourself. Then, after receiving the claim, you can join ST’s new group, and you can choose to continue trading or withdraw on April 18.

“The insurance company serving ST Fund Company will only make a single claim for an event. So it will stop paying claims at 23:59 on April 17, and users who have missed the account verification qualification by then will be deemed to have automatically waived the compensation qualification.

“ST has worked hard to fight for 3 days. There is only one day left.”

Single-day Withdrawal: CBEX Not Satisfied, Extends Verification Deadline 

According to CBEX, their insurance company can only make a single claim for one event, anyone who fails to pay for verification before April 17 has finally lost his or her money. 

However, the platform seems not satisfied yet. It’s extended deadline to April 20 for the single-day refund withdrawal, claiming that some users begged for more days — and why one Mr. Harold (one of its admins), on their behalf, begged CBEX for another three days extension. 

“Because many users reported that they still need a few days to complete the claims process of ST Fund Company, and ST Fund can only pay claims once for a single event.

“We don’t want any user to miss this claim, so Mr. Harold specially negotiated with the insurance company serving ST Fund and applied several times, and gained an extra 3 days for more users who have not completed the account authenticity verification in time.

“You should know that once the insurance company completes the claims, the funds of those users who have not passed the account verification in time will be truly gone forever. And they will be even more angry, and ST has been working hard to avoid this situation.”

EFCC has contacted us, CBEX claims 

CBEX is using the EFCC’s name to convince more investors to pay the required verification fee. In their recent communication, they claimed that the EFCC had reached out to them and that they had submitted documents to prove that claims were being processed.

They suggested that this supposed interaction with the EFCC was the reason the commission assured the public that affected investors would eventually get their money back.

ST used this narrative to push investors to complete the verification process. This appears to be a calculated move by CBEX to gain trust and extract more money from desperate victims, all under the guise of cooperating with the authorities.

“Now let more of your members complete the claims process of ST Fund so that fewer people will complain to you in the future. Because you know very well that at this stage, only ST can really help you.

“And the EFCC of Nigeria has also contacted ST, and we have also submitted materials to prove that ST Fund Company has been making claims, which is why EFCC has the courage to promise everyone, ‘You will get your money back.’”

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