In Nigeria, CBEX operated as an affiliate or subsidiary of ST Investment Co., Ltd owned by 55-year-old Harold David Charles, a Briton.
The CryptoBridge Exchange (CBEX) Ponzi scheme, which promised investors implausibly high returns, has collapsed, leaving victims with estimated losses of N1.3 trillion. Investigations reveal the unlicensed platform, linked to UK-based Harold David Charles and his firm ST Investment Co. Ltd, used fake AI trading claims and referral incentives to lure Nigerians. The Securities and Exchange Commission (SEC) confirmed CBEX operated illegally, shutting down abruptly after failing to honor withdrawals.
“CBEX engaged in promotional activities to create a false perception of legitimacy,” stated SEC on X. Promoters like Adefowora Abiodun and Temitayo Oke hosted lavish seminars, while affiliates ST Technologies International held a dubious SCUML registration.
FIJ’s investigation uncovered CBEX’s Nigerian promoters, including Adefowora Abiodun, Oluwanisola Adefowora, and Seyi Oloyede, who aggressively recruited victims through roadshows and sponsored events like MAXFEM International Schools’ inter-house sports. Despite opening a flashy Abuja office in February, the scheme collapsed weeks later, with key figures like Victor Solomon now unreachable. School owner Olufemi Oguntola confirmed receiving N400,000 from promoter Temitayo Oke, unaware of CBEX’s fraudulent nature.