On the 15th of April, the internet was buzzing with news about CBEX, a Ponzi platform that claimed to have doubled investors’ money within 30 days using an AI-powered trading robot. CBEX promised investors great returns with “no experience or trading skills” required.
But it was an elaborate scam in the making. CBEX or “CryptoBridge Exchange,” a platform for exchange that reportedly claimed Chinese origins, is a long-standing in Partnership between Super Technology (ST Team) and crypto trading group.
Super Technology Team reportedly operated physical offices in Nigeria under the brand “Smart Treasure Operation Centre”including one recently opened in Ibadanand Lagos. TechCabal was unable to verify the extent of their ties with Super Technology. However, CBEX promoted its platform using the technology that Super Technology is alleged to have provided.
CBEX’s and Super Technology’s promise of trading using AI was false, as both companies had no product and, in the unlikely event that they did, neither company had any history of operating a cryptocurrency trading business before late 2020. This was CBEX’s first red flag. Since its inception, the platform has also used multiple domain names, including www.cbex9.com (19459121), www.cbex38.com (19459121), www.cbex18.com (19459121), www.cbex1.com (19459121), and www.cbex.vip (19459121). All but www.cbex9.com are now inactive due to reports of illegal trades. CBEX is still operational under https://cbex (19459121). Cx
The domain [cbex1.com] was linked to the same CBEX cryptocurrency scheme that crashed in Nigeria, said Kassy Olisakwe, a senior Blockchain developer and founder at AuroraWeb3. “They registered that domain name in early March. They’re using it as a spare.” They’ve been switching between multiple domains in order to avoid being blacklisted or caught.
“Bullion” USDT wallets
CBEX runs a highly complex scheme that combines multi-level marketing with Ponzi techniques. After registering on the platform, users are asked to invite other users, also known as “downlines”. Whether users keep the referral cycle spinning or not, they earn from compounded return.
If a user “invested $100” in July 2024, the reported month CBEX was active, they will have $25,600 on their account by March 20,25. This is a huge increase that some legitimate fast-growing investments, like goldare unable
to match in the same time period.
After a user creates a CBEX account, the platform assigns them a USDT or Ethereum Wallet where they can deposit their funds. TechCabal was able to trace some of these intermediate wallets back to a CBEX-linked website.
Through some digging, TechCabal traced some of these intermediate wallets to a CBEX-linked website:
- Tlfzvnxihkfcneglnegln1djjkn.68888
- TFo7GZvgdUU5gj41irQeH3NDR5FYWPssFQ
- Thn25xkvobxgsaffya6o9Pu9hf4Sgtzm
- TKadxGap9adtWVztGkRfdvnAgb4JFopXxX
We found those addresses on the website, www.cbex1.comwhich, still active, contains USDT transaction records linked to CBEX. To verify the transactions, we used tools such as Tronscanor Tokenviewwhich allow anyone to view wallet activity on the Blockchain. TechCabal could not verify that the records showed all the live transactions on the platform.
As of the date of this report, $145 266 had been transferred from its main account–random USDT deposits addresses that CBEX creates for its users to make money deposits–to its intermediary accounts. Around $120,829 was moved to other accounts.
“Those transactions are coming from an API call that they’re making to[api.hv2365.com]and they control them. They built their database and backend to disappear quickly. We can’t identify the exact person who registered CBEX because they use anonymous services. Olisakwe said that even on whiteweb searches, the name appears as (namecheap )’,”.
TechCabal conducted further investigation. We tracked the money’s flow immediately after a user deposited funds on the platform.
CBEX victim ‘Earth Laureate,’ who only identified herself on Telegram as a victim, told TechCabal she deposited $2600 on CBEX in April 2025, just days before the platform fro
She deposited the sum from a Bybit wallet into the address, TC7nTFpBHp9j81521m5n76D6wsD4suUXrH, a TRON (TRC-20) blockchain address which holds the USDT stablecoin.
After three hours, the funds were siphoned to another address, TB6pGj8FiR3XbXbE1th4cVHzASs8xXVL4p, one of the multiple intermediate addresses–likely a level-1 address. This intermediate address had no USDT at the time of the report. However, it had received $64,591.317 USDT (where $1 USDT is equal to 6 USDT) and had sent the exact amount of USDT tokens.
Upon further checks, the level-1 intermediate address frequently sent funds to a Bridgerscross-chain bridge address, TPwezUWpEGmFBENNWJHwXHRG1D2NCEEt5s, which held $422,241 USDT tokens at the time of this report.
Bridge cross-chain accounts are used to transfer crypto assets between different blockchains. This is similar to moving money from one bank to another.
From this bridge account, the funds are further obfuscated into different accounts and blockchains. The money is then transferred to layer-2, layer-3 and layer-4 addresses in order to conceal its origin. This is known as “smurfing.”
TechCabal examined another case of a CBEX user who managed to withdraw their money from the platform. The person, who asked not to be named, shared that they received $2,619.15 in USDT payment from the address, TY5yKqWoXRVaHYKNNkY2rf1UjkrLDF6323, on April 1, 2025.
We traced the source of the funds used to pay the user to the address, TASdnkGdYsRxncjmJBUwKym7BDBFvLsyHM, which held $0.883212 USDT at the time of this report. Over $33 million USDT has been transferred from this wallet to various destinations.
Due to the sheer volume of smurfing, it’s hard to say how much Nigerians lost, but it’s believed to be millions of dollars. CBEX claims that it began operations in 2019. Some sources claim that the scam evolved with time and took on different forms, with ties to Belize Canada and China. Although there was no convincing evidence, it’s likely that the platform received money from multiple locations, making it multi-national, since it allowed users manage their accounts from anywhere around the world. CBEX used a web-based application that was available as an Android Package Kit file (APK). This raised more questions about why the app couldn’t be listed on legitimate mobile app stores. It’s possible, however, that this was a Nigerian-only scheme, given the focus on Nigerians and the lack evidence of its existence elsewhere.
Using cosmetics to pass off as a “trading platform”
In the past, Ponzi schemes have tried to convince investors to invest in them. It displays fake dashboards, business performance numbers and “proof” of the business to potential investors. In extreme cases, such as CBEX, it sets up “offices.” This claim was true. The business is registered under the name CryptoBridge Exchange. It received its license in September 2023.
However, this doesn’t make CBEX a legitimate platform. The MSB license simply means that CBEX self-reported it was conducting money services and had filed the necessary paperwork. This is not a certification of legitimacy or a recommendation from FinCEN. CBEX needs more than this to prove its legitimacy as a business.
A so-called Nigerian representative told TechCabal, that CBEX was registered through Super Technology on the Special Control Unit Against Money Laundering Website (SCUML), an initiative of the country’s anti-graft agency
Our checks revealed that the organisation, all egedly with code “SC251514550″was not listed on the SCUML website. The representative claimed that the EFCC deleted the code after the online ructions began.
According to Punchthe EFCC will work with US INTERPOL in order to track CBEX’s activities.
After CBEX was exposed as a Ponzi Scheme, it uploaded images of “certifications”from the US’ Colorado Government, on its website in a desperate attempt to get Nigerians to abandon the reports and deposit additional money
Nigerians are wrong
Although the operators of the CBEX platforms remain elusive, TechCabal discovered a now-deleted statement on Super Technology’s website–CBEX partner–
Many Nigerians joined the platform, believing that they would make money. They were convinced by their family, friends, and acquaintances. Some of them made money; others didn’t.
Earth Laureate deposited $2600 on April 2 and had a $9,247.12 balance in her account when withdrawals were frozen on CBEX. She said that she had accumulated the money by referring friends to the platform, and was waiting until her balance reached $10,000 before withdrawing the money.
She said, “Idle minds are the devil’s workshops.” “Idleness during Eid break was what made me join CBEX.” They told me in September last year but I was not interested until I joined in April.
The person who invited her into CBEX invested $22,000 in the Ponzi scheme. The person refused to go into detail, but he was distraught.
He said, “I’m at a low point,” in a text. “I only want to recover my $ 22K.”
One person claimed to have lost $81,000 at CBEX. Others said they had lost money set aside for other purposes.
Many Nigerians had hoped CBEX would be the platform that they needed to make money, but their hopes were dashed. In one of CBEX Telegram groups, admins who act as a link between the platform’s investors and the platform have claimed that they have no knowledge about CBEX.
One of the admins, or’representatives’, said that they never saw any executives of ST or CBEX. “They knew that we only wanted to make money and be happy so they always told to go ahead. I don’t think anyone tried to find out who they were.
The representative claimed that CBEX was responsive on April 16 after days of inactivity. He suggested that the platform is waiting for the wallets where Nigerians have made additional $100 and 200 deposits to “recover their money” to become active. Some Telegram channels have regrouped unwitting investors and asked them to pay additional money to “verify” their accounts with CBEX to get their compensation.
Since crypto trading is a volatile business, a linear return of two times the investment within 30 days should have raised alarm bells. This is also unpredictable due to the volatility of the market. CBEX’s processes were also shady, and it failed to inform investors on how it made money.
It provided a “Futures tab” on its still-active site that allowed users to trade the BTC/USDT to increase their income. The feature offers “Call” or “Put”with varying success rates. Users can choose the pair and bet against the price of Bitcoin versus the US dollar using the funds they have in their wallets.
CBEX was a crypto trading platform that posed as a crypto trading website. The website was designed to deceive its victims and fleece them. It was elaborate and well-planned. The ultimate red flag is that it was not registered with Nigeria’s Securities and Exchange Commission.
It should have registered with the SEC as it claims to provide crypto trading services. It failed to do so, causing even more alarm.
A public notice published by the regulator on April 17 stated that “neither CBEX or its affiliates have been granted registration by any time by the Commission to operate as a Digital Assets Exchange, solicit investment from public, or perform other functions within the Nigerian Capital Market.”
According to the SEC, it will take the “appropriate enforcement actions” against CBEX and its affiliates.
Education is possible
CBEX’s case brings to light a serious issue regarding the low level of crypto- and FX-education among Nigerians. This country may be among the crypto-native nations of the world, but the knowledge is concentrated in a small number of people.
Nigerians must be better educated and regulators must take more action to stop illegal platforms such as CBEX from flourishing. Dr. Emomotimi agama, Director General of the SEC, has announced the commission’s plans for regulating the forex trading market. Agama said that the new Investments and Securities Act clearly states that online forex trading platforms are regulated. “This has been ignored for a very long time, and many Nigerians have suffered huge losses because of this.”
The commission has called on stakeholders to be patient as it develops regulatory guidelines in order to enforce compliance.
For Nigerians there is only one lesson to learn: if something looks, smells and sounds like a Ponzi scheme, then it probably is.
