The promoters of Crypto Bridge Exchange (CBEX), a fraudulent Ponzi scheme that lured over 600,000 Nigerians, exploited official certificates from the Corporate Affairs Commission (CAC) and the Economic and Financial Crimes Commission (EFCC) to build credibility and gain the trust of unsuspecting investors. Investigations by Opitanglobamedia News revealed that the operators ran the scheme through a registered entity named ST Technologies International Limited.
ST Technologies obtained its CAC registration on September 25, 2024, and secured a Special Control Unit Against Money Laundering (SCUML) certificate from the EFCC on January 16, 2025. These documents were flaunted widely to create an illusion of legality and stability. Copies obtained showed a registered increase of share capital from N1 million to N201 million, bolstering the company’s perceived financial health.
Investors, many of whom later spoke to opitanglobamedia news, said seeing official certificates reassured them of CBEX’s legitimacy. “They were also doing charity, hospital outreaches, paying bills… everything looked organized and genuine,” an investor lamented. Yet, a deeper check showed that the company’s board members, address, and critical details were missing from key public intelligence platforms, indicating a deliberate strategy to mask their operations.
Sophisticated Marketing and Mass Mobilization Tactics
CBEX’s promoters executed a coordinated marketing campaign that spanned multiple sectors and demographics. They operated physical offices in cities like Abuja, Lagos, and Ibadan, and aggressively promoted their scheme via radio stations such as Orisun FM, among others. Influencers, radio presenters, and even grassroots marketers were engaged as brand ambassadors to attract investments from both urban professionals and rural traders.
At the heart of their promotional message was the promise of 100 percent returns within 30 days through alleged AI trading. Presenters on radio programs assured listeners that CBEX was designed to uplift Nigerians from poverty, urging everyone from roadside vendors to market traders to invest. Meanwhile, charity donations, hospital bill payments, and organized outreaches further entrenched public belief in the scheme’s sincerity.
Schools, churches, and community centers became key marketing grounds, with giveaways and free investment seminars organized to recruit even more participants. In some radio broadcasts, CBEX agents declared, “We want everyone to join us because our intention is to make life easier for Nigerian people.”
The Role of Telegram: The Heartbeat of CBEX Operations
CBEX’s promoters strategically used Telegram as their operational backbone. Findings showed they managed multiple groups — ‘ST Customer Support’ with over 144,000 members, ‘Newcomer Advance Group’ with about 58,000, and ‘ST Signal Group IV’ with over 87,000 members before the crash. Members used these groups to share transaction details, receive investment tips, and lodge complaints.
The administrators, hiding behind animated profile pictures and UK phone numbers, were never physically identifiable. Usernames such as @Mentor_LaurafxWilsonn and @Maiy_Aditiii coordinated group activities. However, after CBEX’s collapse, these groups were quickly locked, and Telegram flagged the accounts as ‘Scam’ following mass reports from victims.
By April 2025, membership had significantly declined as despair set in among defrauded investors. Victims who tried to access their funds found withdrawal requests unanswered, and online support channels deserted.
Regulatory Backlash and Criminal Investigations
The EFCC has confirmed that ST Technologies International Limited, the parent company of CBEX, was registered under the guise of offering consultancy services — not investment services. According to Dele Oyewale, Head of Media and Publicity at the EFCC, the commission has begun the process of deregistering the company after confirming it operated far outside its stated objectives.
Oyewale stated, “It wasn’t registered as CBEX. It was registered as ST Technologies. When the Special Control Unit Against Money Laundering discovered that the entity had veered off its registered line of business, modalities were initiated to withdraw that registration.” He assured that investigations, including collaboration with international partners, were underway to apprehend the perpetrators.
Similarly, the Securities and Exchange Commission (SEC) corroborated that CBEX operated under multiple aliases including Smart Treasure/Super Technology, all aimed at defrauding the public. “CBEX created a false perception of legitimacy to lure unsuspecting investors with promises of implausibly high returns,” the SEC said in a statement.
Devastated Victims: Loans, Properties Sold, Lives Shattered
The collapse of CBEX has left a trail of financial ruin across the country. From celebrities to security officials, the list of victims continues to grow. Popular Fuji musician, Alhaji Taye Adebisi (Taye Currency), revealed in a viral video that he lost N10 million to the platform. His associates, driven by initial success stories, had pooled funds from various sources, only to watch them vanish overnight.
Tragically, many ordinary Nigerians were similarly affected. A police officer in Osun State admitted he sold his car and invested the proceeds — about N3.2 million — into CBEX after an initial small investment yielded high returns. Another police inspector in Lagos lost N4.8 million, saying, “It’s too painful to even discuss.”
Several victims revealed they had taken loans, sold properties, and emptied life savings to invest in the scheme, often encouraged by referral bonuses and fast-growing wallet balances. Many continue to struggle with the reality of their losses, hoping against hope that the authorities will recover some of the stolen billions.
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