- EFCC Investigation: The Economic and Financial Crimes Commission has launched a full-scale investigation into the alleged N1.3 trillion crypto fraud linked to CryptoBank Exchange (CBEX).
- Partnership with Interpol: The EFCC is partnering with Interpol to track down local and international culprits behind the scam.
- CBEX Collapse: The platform abruptly collapsed, leaving thousands of investors locked out of their accounts with wiped-out balances.
The EFCC had already initiated a probe before the collapse, following intelligence reports. The Securities and Exchange Commission recently warned against unregistered trading platforms, emphasizing that operating without proper licensing is illegal under the Investment and Securities Act, 2025.
CBEX’s collapse sparked public outrage, with angry investors storming the platform’s office in Ibadan, Oyo State, vandalising the premises and carting away furniture in protest. Security forces were deployed to restore order.
CBEX promised 100% returns within 30 days through online trading and restricted withdrawals before demanding additional deposits from users to “verify” accounts. Estimated losses are reportedly over $847 million (about N1.3 trillion), affecting both Nigerian and foreign investors.
