EFCC Launches Investigation into N1.3tn Fraud Linked to CryptoBank Exchange
The Economic and Financial Crimes Commission (EFCC) has initiated a probe into an alleged N1.3tn fraud involving a digital investment platform, CryptoBank Exchange (CBEX).
CBEX, which operated under the management of foreign nationals in collaboration with Nigerian partners, reportedly collapsed on Monday, leaving thousands of investors unable to access their funds.
EFCC spokesperson, Dele Oyewale, confirmed to The PUNCH on Tuesday that the commission was working in tandem with the International Criminal Police Organisation (INTERPOL) to investigate the matter. He stated that efforts are underway to apprehend both local and international operators behind the fraudulent activities.
“We had prior intelligence before the incident occurred. We were already investigating, but now that the scheme has collapsed, the key players and their collaborators will be apprehended,” Oyewale explained.
He further assured that the commission would continue to protect Nigerians from Ponzi schemes, noting that the EFCC had previously issued warnings about 58 companies involved in similar activities. He emphasized that many other such schemes were still under investigation.
“We are actively addressing the CBEX situation, and we will collaborate with other regulatory agencies to safeguard Nigerians from these fraudulent platforms. Where recovery is possible, we will recover the funds; where prosecution is warranted, we will prosecute,” he added.
Oyewale also mentioned that the EFCC was aware of similar fraudulent activities across the country and was working to uncover more. “We are focusing on the local collaborators, while partnering with INTERPOL to trace the foreign operators,” he said.
Although The PUNCH could not immediately verify the full scale of the fraud, unconfirmed reports suggest that Nigerian and international investors may have lost approximately N1.3tn (about $847 million) in USDT. The amount could potentially rise as more information surfaces.
CBEX, which had promised investors 100% returns within 30 days through online trading, restricted withdrawals on April 9, 2025. Many users were shocked to find their account balances wiped out, with the platform requesting at least $100 deposits to access their funds.
Several new users, believing the restrictions to be a temporary glitch, joined the platform in the days following the withdrawal freeze. The platform had also informed users that certain verification steps were required to process future withdrawals. For accounts with balances below $1,000, users were instructed to deposit $100, while accounts exceeding $1,000 required a $200 deposit.
The platform had reportedly changed its domain multiple times between January 2024 and February 2025, and was widely promoted on social media, enticing many Nigerians to invest substantial sums with the promise of high returns.
This incident occurred shortly after the Securities and Exchange Commission (SEC) issued a warning to Nigerians about unregistered trading platforms. The SEC also highlighted that under the newly signed Investment and Securities Act, 2025, operating an unregistered online forex trading platform is now a criminal offense.
Dr. Emomotimi Agama, Director-General of the SEC, described the new law as “a landmark step in positioning Nigeria’s capital market to be more inclusive, robust, and aligned with global best practices.”
In response to the CBEX debacle, Oyewale confirmed that the EFCC had already been investigating the platform even before its collapse.
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