Crypto Bridge Exchange, CBEX is an unregistered digital trading platform that abruptly disappeared last Monday, taking with it approximately N1.3 trillion from around 600,000 investors.
Dr. Emomotimi Agama, the Director General of theSecurities and Exchange Commission (SEC), clarified that the Commission is unable to assist victims ofthe CBEX scam in recovering their lost investments.
CBEX, operating under the name ST Technologies International Ltd, drew in its victims by promising a 100% return on their investments within just 30 days.
When asked by Sunday Vanguard if the Commission could facilitate any recovery of funds for victims, Dr. Agama responded, “There is nothing the Commission can do.”
He also expressed dismay that individuals continued to funnel money into an unregistered digital entity without notifying the Commission.
“We are concerned that this continued for such a long time without anyone alerting us. That’s why we’re enhancing our awareness efforts and encouraging people to report these cases for early identification.
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How Nigerians can spot a Ponzi Scheme
He cautioned Nigerians to avoid investing in Ponzi Schemes, emphasizing that such schemes make promises that are insincere.
“You can recognize a Ponzi Scheme when an organization makes claims that are blatantly unrealistic and deceptive. The definition we have in the ISA (Investments and Securities Act, 2025) distinctly states that when an investment firm makes promises that are nearly impossible to achieve, it is clear that it is a Ponzi scheme.”
The SEC stated that initial investigations indicated that CBEX engaged in marketing tactics to fabricate a false sense of credibility, enticing unsuspecting individuals to invest money with the promise of unbelievably high guaranteed returns in a short period.
According to the Commission, CBEX, which also operates under the corporate identity of ST Technologies International Ltd, Smart Treasure/Super Technology, presented itself as a digital asset-trading platform, offering substantial returns to investors in Nigeria.
The SEC clarified, “The Commission confirms that neither CBEX nor its affiliates have ever been authorized by the Commission to function as a Digital Assets Exchange, solicit public investments, or conduct any related activities within the Nigerian capital market.
The SEC underscored that in accordance with Section 196 of the Investments and Securities Act 2025, the Commission will work with relevant law enforcement agencies to take appropriate legal actions against CBEX, its affiliates, and promoters.
“The Commission wants to remind the public to avoid investing in or engaging with any entity promising unrealistic returns or using similar recruitment-driven investment models. Potential investors are strongly encouraged to verify the registration status of investment platforms through the Commission’s official portal: www.sec.gov.ng/cmos before proceeding with any transactions,” the SEC stated.