The Economic and Financial Crimes Commission (EFCC) has launched a comprehensive investigation into the alleged N1.3 trillion fraud involving CryptoBank Exchange (CBEX), a now-collapsed digital investment platform that has left thousands of Nigerian and foreign investors stranded.The platform, operated by a network of foreign nationals and their Nigerian collaborators, abruptly restricted withdrawals on April 9, 2025, before locking users out and allegedly wiping out account balances. The EFCC confirmed it was already monitoring CBEX before the collapse and is now intensifying efforts to bring the perpetrators to justice, 9am News Reports.
Speaking to The 9am News Nigeria, EFCC spokesperson Dele Oyewale revealed that the commission is working with INTERPOL to track the foreign operatives behind the scheme, while efforts are ongoing to arrest their local accomplices.“We had our intelligence before the incident. The major actors and collaborators will be brought in,” Oyewale said. “We are determined to save Nigerians from these recurring Ponzi schemes.”He further noted that CBEX was among many unregistered investment platforms under investigation and reminded the public of the EFCC’s earlier advisory warning against 58 suspicious firms.
Unconfirmed reports estimate that $847 million, roughly N1.3 trillion, may have been lost in what is shaping up to be one of Nigeria’s largest digital investment frauds. CBEX, widely advertised across social media and peer networks, promised investors 100% returns within 30 days.As panic set in, the platform sent users messages requiring additional deposits—$100 or $200 depending on account size—to “verify authenticity” and “unlock withdrawals.” Many unsuspecting investors, believing it to be a temporary glitch, continued to deposit funds even after signs of collapse emerged.
CBEX was also found to have changed domain names multiple times between January 2024 and February 2025—a common tactic among fraudulent platforms to evade detection.
SEC Issues Fresh Warning Under ISA 2025
In a timely response, the Securities and Exchange Commission (SEC) reiterated that operating unregistered digital investment platforms is now a criminal offence under the newly signed Investment and Securities Act (ISA) 2025.
The SEC Director-General, Dr. Emomotimi Agama, described the new law as a milestone in ensuring market transparency and investor protection. “Any entity not registered with the commission that operates online forex trading or similar services is acting illegally,” he warned.
Nationwide Reactions and Protests
Outrage erupted across the country following the crash. In Ibadan, Oyo State, angry investors stormed the CBEX office at Oke Ado, looting office equipment before security operatives intervened. A joint deployment of the Nigeria Police and Operation Amotekun was seen securing the premises.
In Abuja, the CBEX office in the Jahi district was placed under lockdown. A security guard confirmed that staff had not shown up, fearing backlash from irate investors
.“We’ve been instructed to keep the gates locked. Other businesses in the building might also be affected if things escalate,” he said.
As the EFCC intensifies its probe, investors are demanding answers, refunds, and prosecution of all involved. Regulatory agencies are now under pressure to enforce tighter monitoring of digital trading platforms
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