The Securities and Exchange Commission (SEC) has asked the Investments and Securities Tribunal (IST) to immediately freeze all bank accounts belonging to Crypto Bridge Exchange (CBEX) and 25 other defendants as it accuses of orchestrating one of Nigeria’s largest Ponzi schemes, with estimated investor losses exceeding N1.3 trillion ($800 million).
The application was filed in the ongoing case IST/OA/02/2025: *Securities and Exchange Commission & Anor v Crypto Bridge Exchange (CBEX) & 25 Ors*, before the 6th Panel of the tribunal chaired by Hon. Aminu Jinaidu.
In addition to the account freeze, the SEC is seeking an order to seize luxury houses and other assets allegedly purchased with proceeds from the fraudulent platform.
According to the Commission, CBEX operated as an unregistered investment entity that lured Nigerians with promises of up to 100% returns within 30–45 days through “advanced AI-powered crypto trading”, in clear violation of Section 3(b) of the Investments and Securities Act 2025.
The platform, launched around July 2024 via a website and mobile app, was already flagged as suspicious by Hong Kong’s Securities and Futures Commission as far back as April 2024. It had also misleadingly adopted a name similar to a legitimate Chinese property-trading organisation.
When the defendants failed to appear in court on Tuesday, Tribunal Chairman Jinaidu ordered that hearing notices be served through publication in national newspapers.
The matter has been adjourned to 27 January 2026 for further hearing.
The SEC’s aggressive action marks the latest crackdown on unregistered crypto investment platforms that have wiped out billions of naira from Nigerian retail investors in recent years.
