Just three months after the disastrous crash of cryptocurrency ponzi scheme CryptoBridge Exchange (CBEX), a new site with all the characteristics of the fallen scheme has emerged. It is called BWALL Super Long-Term Investment Project!
CBEX defrauded several thousands of people who are yet to recover from the loss. Some sold their vehicles, took loans and even invested tuition fees in the platform with the expectation to earn big within a short time.
After the site vanished, FIJ unveiled the faces of the Nigerian promoters of CBEX and, how, among other tactics, they embarked on deceptive community assistance programmes aimed at building confidence among local populations.
Following the publication, the EFCC secured a court order to track and arrest those promoters, including five of the individuals identified by the report. The prosecution is still ongoing at the Federal High Court in Abuja.
While the CBEX dust is yet to settle, BWALL exchange emerged from the horizon.
Whatever the name BWALL means is not clear yet, but it is styled as a cryptocurrency exchange promising users progressive profits and referral commissions. This method is identical to CBEX’s strategies.
Its faceless promoters launched it on July 12. According to a pre-launch promotional copy seen by FIJ, the exchange has three levels of users: regular users, Level 1 agents and Level 2 agents. Per day, these categories of users would earn 1.95%, 2.6% and 3.25% respectively within three rounds of trading daily.
FIJ’s findings showed that its website was created on July 2 and a registration link was created for potential investors to start creating profiles. Aside from the link, the platform’s digital footprint was non-existent on the Google Search Engine.
“LAUNCHED JULY 12, 2025: BWALL Super Long-Term Investment Project Expected to launch on Google Play & Apple Store within 15 days,” the pre-launch message, containing a registration link, read.
“SIGNAL TIME (NIGERIA TIME). 1st round: 2:00 PM (3 trading signals), 2nd round: 4:00 PM (open to VP level 1 agents and above), 3rd round: 4:30 PM (open to VP level 2 agents and above).
“Highlights: 5-Level Referral Commission System: Once you reach VIP 5, you can earn rewards even from your fifth-level referrals.”
To make users want to invest more in order to unlock preferential benefits, the platform introduced a package called “VP Investment Company Support”. Users who have attained higher levels would have access to “permanent trading signals”, “fixed monthly salary” and “funding support for offline events”.
Furthermore, the pre-launch broadcast message stated that users could investment between $100 – $1,000 without any restriction. But an investment above $1,000 “requires approval”.
On withdrawals, the platform said, “Withdrawal condition: 100% trading volume required (to prevent malicious arbitrage). Minimum withdrawal: $18.”
WHY BWALL LOOKS FRAUDULENT
Legitimate crypto exchanges do not pay salaries to their users, fund offline events or give out any exclusionary benefits simply because of a user’s trading volume. The so-called “VP Investment Company Support” reeks of fraud and such a convenient tactic is very common with scammers.
Reliable crypto sites are not known to have trading limits and signal times. Trading occurs 24 hours a day without forcing traders to aim for any VIP status to earn big, according to Abass Adediran, a crypto trader.
“With a platform like Bybit crypto site or Binance, you can trade any amount, earn and withdraw your gains, however small or big,” Adediran told FIJ on Tuesday. “They [BWALL] claim to be on Apple Store. This is no guarantee of user’s safety. CBEX also had an app, yet they stole investors’ assets.”
A source who shared the registration link with FIJ got it from a female friend. According to them, their friend told them that “it is like CBEX and that anyone who wants to do it should do it early in order not lose when they [BWALL] finally shut down”.
According to multiple cryptocurrency risk assessment platforms, an exchange with no public complaint phone line signals scam. BWALL can only be reached via a website chatbot.
Its app was developed by Societatea Comercială ACRILAT S.R.L, a Moldovan-based entity while its website’s registrar’s phone number supposedly belongs to Adel Carlos Singapura, a Singaporean.
In the case of CBEX, 55-year-old Harold David Charles, a Briton, was reported to be the original owner and it co-opted Nigerian promoters who spread the scam.
Curiously, CBEX’s corporate parent was ST Technologies International Ltd, also known as Smart Treasure/Super Technology. Aside from the red flags already pointed out, “BWALL Super Long-Term Investment Project” and “Smart Treasure/Super Technology” have one common variable in names: super.
Most fake investment platforms that have ripped Nigerians of their funds came from foreigners and aided by criminal local agents. It is almost certain that BWALL, too, already has Nigerian messengers scouting for vulnerable investors.
When FIJ sent some prompts to BWALL’s chatbot about its reliability, it claimed that it had a money service business (MSB) licence. FIJ asked about how to verify the claim, but the chatbot referred us to “contact your agent to get it”. It stopped responding when FIJ claimed it was already an agent.
For crypto trading sites operating in the United States, an MSB licence issued by the Financial Crimes Enforcement Network (FinCEN) is mandatory. When FIJ tried to verify BWALL’s status, the FinCEN had no data about on its website.
Editor’s Note: FIJ deliberately left out the registration link out of this publication as we do not want anyone to access through our platform. Nevertheless, the web address is visible in some screenshots. FIJ does not encourage anyone to register on the platform and would accept no liabilities if anyone did and suffered losses.
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