The Economic and Financial Crimes Commission (EFCC) has launched a major investigation into an alleged N1.3 trillion ($847 million) cryptocurrency fraud linked to CryptoBank Exchange (CBEX), a now-defunct digital investment platform.
The anti-graft agency is working with INTERPOL to track down both Nigerian and foreign suspects involved in what appears to be one of the country’s largest financial scams.
CBEX, reportedly operated by foreign nationals with Nigerian collaborators, suddenly shut down on Monday, locking thousands of investors out of their accounts.
Many users reported their balances had been wiped clean, while the platform demanded additional deposits before allowing withdrawals—a tactic that trapped even more victims.
EFCC spokesperson Dele Oyewale confirmed that the commission had been monitoring CBEX before its collapse, following intelligence reports.
CBEX had lured investors with promises of 100% returns in 30 days through online trading.
However, on 9 April 2025, it began restricting withdrawals, later demanding users pay 100 –100–200 for “account verification”—a classic scam tactic.
The Securities and Exchange Commission (SEC) had previously warned against unregistered trading platforms.
Dr. Emomotimi Agama, SEC Director-General, stressed that the 2025 Investment and Securities Act prohibits unlicensed operations, urging investors to verify platforms before committing funds.
The collapse has sparked anger among defrauded investors. In Ibadan, Oyo State, a mob stormed CBEX’s Oke Ado office, vandalising the premises and looting furniture before police and Operation Amotekun personnel intervened.
Investigations reveal CBEX frequently changed its domain name (January 2024–February 2025), likely to evade regulators.
The platform aggressively marketed itself on social media and peer-to-peer networks, exploiting trust to attract victims.
The EFCC has vowed to pursue all culprits, urging affected investors to come forward with evidence.
Meanwhile, financial authorities have reiterated warnings against high-return, unregulated schemes, advising the public to exercise extreme caution with online investments.
This case highlights growing concerns over cryptocurrency fraud in Nigeria, where lax regulations and economic pressures have made citizens vulnerable to such scams.
Authorities now face mounting pressure to tighten oversight and recover stolen funds.
