The Economic and Financial Crimes Commission (EFCC) has ramped up its investigation into the massive N1.3 trillion cryptocurrency fraud allegedly perpetrated through the now-defunct CryptoBank Exchange (CBEX). In a significant move, the EFCC is teaming up with the International Criminal Police Organisation (INTERPOL) to hunt down both local and foreign individuals linked to the scheme.
CBEX, which was allegedly run by foreign operators in collaboration with some Nigerians, shut down unexpectedly on Monday, trapping thousands of investors. Many users logged in only to find their accounts empty, while the platform insisted they make additional deposits before they could regain access — a ploy that deepened the losses.
According to EFCC spokesperson Dele Oyewale, the commission had already received intelligence on the fraudulent activities before the sudden collapse. “We were monitoring the situation. With the platform now down, we’re accelerating efforts to bring all the masterminds and their accomplices to justice,” he said.
Oyewale assured Nigerians that the EFCC remains committed to exposing crypto-based Ponzi schemes, noting that CBEX is just one of several suspicious platforms currently under investigation. “We’re working with INTERPOL to track the foreign suspects while rounding up their Nigerian collaborators,” he added.
Though the true extent of the damage is still being assessed, early reports suggest over $847 million — approximately N1.3 trillion — may have been stolen, affecting investors both within and outside Nigeria. CBEX had promised investors a 100% return within 30 days via online trading but began restricting withdrawals from April 9, 2025.
A few days later, the platform began asking users to pay between $100 and $200 to “verify” their accounts before they could access their funds — a move many now recognize as the final red flag before its collapse.
The Securities and Exchange Commission (SEC) had recently warned Nigerians against using unlicensed trading platforms. Dr. Emomotimi Agama, the SEC’s Director-General, reminded potential investors and platform operators that the new Investment and Securities Act, 2025 makes it illegal to operate without proper registration.
The public backlash has been swift. In Ibadan, Oyo State, enraged investors stormed the CBEX office in Oke Ado, destroying furniture and vandalizing the building in protest. Police officers and personnel from Operation Amotekun were deployed to control the chaos.
Investigations have also revealed that CBEX changed its domain name multiple times between January 2024 and February 2025 — a tactic now believed to be part of a calculated plan to dodge regulatory detection while targeting more victims through social media and peer-to-peer promotion.
As more victims come forward and investigations deepen, Nigerians are being urged to remain vigilant and avoid platforms that promise unrealistic returns.
Stay informed and protect your investments. Follow NIGPOST for more updates on this developing story and other major financial fraud investigations.
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