Crypto Bridge Exchange (CBEX), an online Ponzi scheme disguised as a cryptocurrency investment platform, has resurfaced after vanishing in April with investors’ funds.
On Tuesday, CBEX allowed subscribers to view their wallet balances but demanded fresh deposits $200 for those who previously invested over $1,000, and $100 for smaller investors — to “unlock” their money.
In Nigeria, the Economic and Financial Crimes Commission (EFCC) has arrested suspects linked to CBEX and declared others wanted. Four Kenyans are among those named in the ongoing investigation, which spans multiple countries.
Despite having no physical office in Kenya, CBEX attracted thousands of users through aggressive social media marketing and peer referrals. According to traffic data, Kenya generated the second-highest number of CBEX users in Africa after Nigeria.
The Capital Markets Authority (CMA) of Kenya has not issued a statement, despite public concern. Meanwhile, Parliament recently introduced the Virtual Asset Service Providers Bill to regulate crypto platforms, requiring licensing, disclosure, and public awareness initiatives.
CBEX had promised to double deposits within 40 days — a hallmark of classic Ponzi schemes. The scam’s collapse has prompted calls for tighter oversight to protect citizens from digital fraud.
“We must act fast. If this goes unchecked, more people will lose their savings to false promises,” said a financial expert in Nairobi.
With funds potentially unrecoverable, CBEX leaves behind a trail of digital deception, empty wallets, and a wake-up call for regulators across Africa.
