The Economic and Financial Crimes Commission (EFCC) has launched a major investigation into the alleged N1.3 trillion fraud linked to digital investment platform, CryptoBank Exchange (CBEX). The commission is now working alongside the International Criminal Police Organisation (INTERPOL) to trace the foreign and local operators behind the collapsed scheme.
CBEX, run by a syndicate of foreign nationals and their Nigerian collaborators, abruptly shut down operations on Monday, locking out thousands of investors. The platform had promised 100% returns within 30 days, but halted withdrawals on April 9, 2025. Users later discovered their account balances had been wiped, and were asked to make new deposits—$100 or $200 depending on their initial holdings—for "verification."
Speaking on Tuesday, EFCC spokesperson Dele Oyewale said the agency had already been investigating CBEX prior to the collapse.
“We had intelligence before the incident and were monitoring the platform. Now that it has crashed, we are intensifying efforts to arrest all those involved,” Oyewale said. “We are also working with INTERPOL to track the foreign perpetrators.”
The EFCC has also reaffirmed its commitment to dismantling Ponzi schemes operating in the country. “Where recovery is possible, we will recover; where prosecution is needed, we will prosecute,” Oyewale added.
Initial reports suggest investors may have lost up to $847 million (approximately N1.3 trillion) in USDT. The scam attracted thousands through aggressive social media promotion and word-of-mouth marketing. Between January 2024 and February 2025, CBEX reportedly changed its domain multiple times to avoid detection.
The Securities and Exchange Commission (SEC) had previously warned Nigerians about unregistered investment platforms. Under the newly signed Investment and Securities Act 2025, it is now a criminal offence to operate a digital asset or online forex trading platform without SEC registration.
Dr. Emomotimi Agama, SEC’s Director-General, hailed the new legislation as a step toward strengthening investor protection. “The new law gives the Commission the authority to regulate digital asset exchanges and online forex platforms to global standards,” Agama said.
The CBEX crash has sparked outrage across the country. In Ibadan, angry investors stormed the firm’s office in Oke Ado, looting furniture and equipment before police and Amotekun personnel arrived to restore order.
In Abuja, the company’s Jahi office was locked down, with security guards preventing access. According to sources, staff did not report to work for fear of attacks from disgruntled investors.
As investigations deepen, security agencies continue to monitor other potentially fraudulent platforms and urge the public to remain cautious.