The Economic and Financial Crimes Commission (EFCC), in collaboration with the International Criminal Police Organisation (INTERPOL), has launched an intensive investigation into the alleged N1.3 trillion fraud linked to the collapsed digital investment platform, CryptoBank Exchange (CBEX).
The platform, which reportedly promised 100% returns within 30 days through online trading, suddenly shut down on Monday, leaving thousands of Nigerian and foreign investors unable to access their accounts. Many users reported their balances had been wiped out, while others were asked to make additional deposits of $100 to $200 for “account verification” before withdrawals could be processed.
According to EFCC spokesperson Dele Oyewale, the commission had begun monitoring the platform before its eventual crash. “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,” he said on Tuesday.
The EFCC is now targeting local collaborators while working with INTERPOL to trace the foreign operators behind CBEX, which is believed to have been managed by foreign nationals in partnership with Nigerians.
Though the total amount lost is yet to be officially confirmed, estimates place the figure at over $847 million (about N1.3 trillion). The platform’s suspicious practices included multiple domain changes between January 2024 and February 2025, a tactic investigators believe was used to avoid regulatory detection.
The collapse has sparked outrage across the country. In Ibadan, Oyo State, furious investors stormed CBEX’s office in Oke Ado, vandalised the premises, and carted away furniture in protest. Law enforcement agents, including the Nigeria Police and Operation Amotekun, were deployed to restore calm.
Meanwhile, the Securities and Exchange Commission (SEC) has reiterated its warning against unregistered investment platforms. SEC Director-General Dr. Emomotimi Agama reminded operators that the new Investment and Securities Act, 2025 prohibits operating without a proper license, urging compliance to avoid legal consequences.
CBEX’s downfall has become a rallying point for calls to tighten crypto and online investment regulations, as the EFCC continues to investigate similar fraud schemes nationwide.
