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CBEX Scam: SEC Seeks Seizure of Assets, Bank Accounts of 26 Defendants
The Securities and Exchange Commission (SEC) has asked the Investments and Securities Tribunal (IST) to freeze all bank accounts linked to Crypto Bridge Exchange (CBEX) and 25 other defendants accused of running an illegal digital asset investment scheme that allegedly defrauded Nigerians of about N1.3 trillion.
The request was tabled at the maiden sitting of the tribunal’s 6th panel in the case IST/OA/02/2025: SEC & Anor v Crypto Bridge Exchange (CBEX) & 25 Ors, presided over by Tribunal Chairman, Hon. Aminu Jinaidu.
SEC urged the Tribunal to compel banks and financial institutions nationwide to immediately halt all transactions on accounts connected to the accused persons.
The Commission also prayed for orders to confiscate houses and other assets allegedly acquired with proceeds from the scheme.
According to SEC, CBEX operated unlawfully, presenting itself as a digital asset platform and capital market operator despite failing to register with the regulator.
The Commission said the company baited investors with unrealistic and illegal promises.
“CBEX is an unregistered platform promising users 100 percent return on investment within 30 days, which is unlawful and contrary to Section 3(b) of the Investments and Securities Act 2025,” SEC told the Tribunal.
The regulator further disclosed that CBEX had been on the radar of international watchdogs.
The Securities and Futures Commission of Hong Kong issued a public advisory on April 23, 2024, listing CBEX as a suspicious virtual asset operator.
The advisory also noted that the firm used a name similar to a legitimate Chinese property rights trading organisation, though it had no ties to it.
At the sitting, the Tribunal observed that CBEX and the other defendants were absent and unrepresented. Consequently, Hon. Jinaidu ordered that hearing notices be served via national newspapers.
CBEX entered the Nigerian market around July 2024, operating through a website and a mobile app.
The company claimed to deploy advanced Artificial Intelligence to generate extraordinary gains from cryptocurrency trading.
Investors were lured with returns of up to 100 percent within a 40–45-day lock-in cycle.
The platform later collapsed, leaving thousands of Nigerians stranded. Investigations and testimonies from victims revealed that CBEX was essentially a Ponzi scheme that siphoned nearly N1.3 trillion (about $800 million) before vanishing.
The Tribunal adjourned the matter to January 27, 2026 for further hearing.
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