TechFlow news, May 6 — According to Bitcoin.com, the troubled Nigerian digital asset platform Crypto Bridge Exchange (CBEX) recently announced a new withdrawal plan in an attempt to restore investor confidence. Investors with funds not exceeding 1,000 USD are required to pay a 100 USD processing fee to withdraw 50% of their initial capital, with completion expected by June 20, 2025.
The Nigerian Securities and Exchange Commission (SEC) has declared the platform illegal, and CBEX is accused of misappropriating funds from over 600,000 Nigerian users. Financial analyst Adeola Odetayo pointed out that due to insufficient financial literacy, many Nigerians continue participating in "get-rich-quick" schemes, and users widely suspect this activation fee could be another fraudulent scheme.
Previous report, Nigeria-based cryptocurrency exchange CBEX impersonated a Chinese company, with fraud amounting to as much as 12 million USD.
