The Economic and Financial Crimes Commission (EFCC) has begun investigating an alleged N1.3 trillion scam linked to CryptoBank Exchange (CBEX), a digital investment platform that collapsed this week, leaving thousands of investors stranded.
EFCC spokesman, Dele Oyewale, confirmed on Tuesday that the agency is working with INTERPOL to track the international operators behind the scheme, which was allegedly run by foreign nationals and their Nigerian collaborators.
Oyewale revealed the EFCC had begun monitoring CBEX prior to its collapse, following intelligence reports. “Now that the scheme has crumbled, the major actors and collaborators will be brought in,” he said.
CBEX, which promised 100% returns in 30 days through online trading, began restricting withdrawals on April 9. Users later discovered their account balances had been erased and were prompted to deposit additional funds to verify their accounts—an unusual demand seen as the final red flag before the platform shut down.
Unverified reports suggest losses amount to about $847 million (over N1.3 trillion), though investigations are ongoing to determine the full extent of the fraud.
The platform changed its domain name multiple times since January 2024 and gained traction through aggressive social media promotions and peer marketing.
The Securities and Exchange Commission (SEC) recently issued warnings against unregistered investment platforms, citing the new Investment and Securities Act, 2025. The law now makes it a criminal offence to operate online forex or digital asset trading platforms without SEC registration.
SEC Director-General Dr. Emomotimi Agama described the law as a key move to safeguard investors and regulate emerging financial services in Nigeria. He urged prospective operators to formally register to avoid sanctions.
The EFCC reiterated its commitment to recovering funds and prosecuting those behind Ponzi-like schemes, while also investigating other similar platforms preying on unsuspecting Nigerians.
