A foreign-led crypto scheme known as CBEX has allegedly defrauded Nigerians of over ₦1.3 trillion. As EFCC hunts the mastermind, the story reveals how poverty, desperation, and the illusion of fast money left thousands vulnerable—and now devastated.
Crypto Bridge Exchange (CBEX) posed as an AI-driven investment platform promising high returns through crypto trading. In an economy with soaring unemployment and limited trust in formal institutions, many Nigerians turn to high-risk ventures out of hope or despair.
- EFCC declares foreigner Elie Bitar wanted for allegedly orchestrating the CBEX investment fraud that lured Nigerians with promises of daily crypto profits.
- Investors report losing life savings, pensions, and cooperative funds, many of which were channeled through informal networks like church groups and online referrals.
- CBEX operated unregistered, using influencers and social media to present itself as a smart, tech-savvy path to prosperity.
- This isn’t isolated. Nigeria has seen repeated waves of similar schemes—from MMM to MBA Forex—often ending in silence and shattered trust.
As the EFCC expands its search internationally, Nigerians are left asking: Who protects us when systems fail and scammers thrive? Until structural reforms catch up with fast-moving digital scams, the next CBEX might already be loading.
