Crypto Bridge Exchange (CBEX) has returned weeks after vanishing with investors' funds in April, now demanding $200 (or $100 for smaller accounts) to "reactivate" frozen balances. The platform disappeared during Nigeria's crypto trading boom, locking out thousands of investors. EFCC has arrested suspects connected to the original fraud but warns that full refunds remain unlikely. Social media reactions range from disbelief to mockery of those considering the payment.
- CBEX vanished in April 2024, taking investor funds and sparking nationwide outrage
- The platform now requires a $200 payment to supposedly unlock previously frozen accounts
- EFCC confirms arrests but indicates full restitution appears doubtful
- Social media users express scepticism and ridicule towards potential new victims
Fraudsters understand that desperation makes people pay twice for the same loss. CBEX's return exploits the sunk cost fallacy; victims who lost ₦500,000 might pay ₦320,000 more, hoping to recover everything. This calculated psychology targets people already financially wounded and emotionally invested.
The scam's boldness reveals how Nigerian regulatory gaps create repeat-offense opportunities. Smart money recognises that legitimate recovery processes never require upfront fees. The real education here lies in understanding why people fall for obvious scams repeatedly.
What psychological factors make fraud victims vulnerable to recovery scams? How can Nigeria strengthen crypto regulation without stifling innovation?
