The Economic and Financial Crimes Commission (EFCC) has launched a full-scale investigation into a suspected N1.3 trillion cryptocurrency fraud involving the now-defunct digital investment platform, CryptoBank Exchange (CBEX).
The EFCC confirmed it is working closely with the International Criminal Police Organisation (INTERPOL) to track both local and foreign operators behind the alleged scam.
CBEX, reportedly managed by foreign nationals in collaboration with Nigerian partners, abruptly shut down operations on Monday. Thousands of investors found themselves locked out of their accounts, with balances wiped and demands for fresh deposits made before access would be restored—a classic red flag in fraudulent schemes.
EFCC spokesperson Dele Oyewale revealed that the commission had been monitoring CBEX prior to its collapse based on intelligence reports.
“We had our intelligence before the incident. We were already working on it, but now that the scheme has collapsed, the major actors and their collaborators will be brought in,” Oyewale said on Tuesday.
He emphasized the commission’s commitment to dismantling Ponzi schemes like CBEX and warned that several similar platforms are currently under investigation.
“There are other frauds running silently across the country. While we go after local collaborators, INTERPOL is helping us trace the foreign players,” he added.
Though official figures are yet to be confirmed, preliminary estimates suggest investors may have lost over $847 million (approximately N1.3 trillion). CBEX, which promised 100% returns within 30 days via online trading, began limiting withdrawals on April 9, 2025, before the complete shutdown.
In its final days, the platform began asking users to deposit an additional $100–$200 to “verify” their accounts before processing withdrawals— a move investigators believe was designed to exploit victims further before the exit.
The Securities and Exchange Commission (SEC) recently reiterated warnings against unregistered investment platforms. Under the Investment and Securities Act, 2025, operating a digital trading platform without proper licensing is illegal. SEC Director-General, Dr. Emomotimi Agama, urged operators to seek proper registration to avoid sanctions.
Public anger over the collapse has already sparked unrest. In Ibadan, Oyo State, enraged investors stormed CBEX’s office in Oke Ado, vandalising the premises and carting away furniture. Security agencies, including the Nigeria Police and Operation Amotekun, were deployed to quell the protest.
CBEX had heavily promoted itself across social media and peer-to-peer networks, attracting thousands with the lure of quick, high returns. Investigators revealed that the platform repeatedly changed its domain between January 2024 and February 2025 in a suspected attempt to evade regulatory detection.
