Launches Probe Into ₦1.3 Trillion CryptoBank Exchange Fraud, Partners INTERPOL for Global Hunt

The Economic and Financial Crimes Commission (EFCC) has officially launched a sweeping investigation into a massive ₦1.3 trillion (approximately $847 million) fraud linked to CryptoBank Exchange (CBEX), a now-collapsed digital investment platform. The platform reportedly crashed on Monday, leaving thousands of Nigerian investors devastated and locked out of their funds.

CBEX, which had aggressively promoted itself on social media with promises of astronomical returns, is believed to have operated a classic Ponzi scheme. The EFCC confirmed that the commission had been tracking the platform prior to its collapse, and is now intensifying efforts in partnership with the International Criminal Police Organisation (INTERPOL) to locate and apprehend the foreign nationals and their Nigerian collaborators behind the scam.

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EFCC Was Already Investigating CBEX Before Collapse

EFCC spokesperson, Dele Oyewale, confirmed on Tuesday that the agency had begun probing CBEX well before the investment scheme imploded.

“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,” Oyewale said.

He reaffirmed the EFCC’s commitment to tracking down those responsible and providing justice to the thousands of victims who have lost life savings in the scam. Oyewale also reiterated the EFCC’s broader campaign against digital Ponzi schemes and emphasized that CBEX was only one of many fraudulent platforms under surveillance.

“Don’t forget that we already issued an advisory about 58 companies. There are many more we are currently investigating,” he stated.

Ponzi Pattern Unfolds: High Returns, Restricted Withdrawals

The CBEX platform promised investors 100% returns within 30 days via cryptocurrency trading and digital asset investments. Unsuspecting Nigerians, lured by the promise of quick wealth, reportedly invested thousands of dollars in the platform, many borrowing or pooling resources with family and friends.

However, by April 9, 2025, the platform began restricting withdrawals, initially citing a technical upgrade. Users were shocked to later find their account balances wiped out or inaccessible. In a twist, CBEX demanded a “verification deposit” ranging from $100 to $200 before granting access to funds.

One of the platform’s messages to users read:

“We require a deposit of $100 for accounts with funds below $1,000 and $200 for accounts exceeding $1,000. Please keep your deposit receipts to prove authenticity during future withdrawal reviews.”

This move, many now believe, was a final attempt to extract more funds from desperate victims before the platform vanished.

Multiple Domain Changes and Social Media Campaigns Raised Red Flags

CBEX’s suspicious operations included frequent changes of its domain name between January 2024 and February 2025, making it harder for regulators and victims to track its activities. Despite these changes, the platform maintained an active presence on social media, leveraging influencer marketing and testimonials to bolster its credibility.

Hundreds of testimonies have now emerged from victims who invested their savings, pensions, and in some cases, business capital, into the fraudulent scheme. One investor reported losing over ₦8 million, while another said she invested her children’s tuition fee after being persuaded by a friend who had previously received small withdrawals.

EFCC: Recovery and Prosecution Are Underway

While recovery remains uncertain, Oyewale assured the public that the EFCC is exploring all avenues for restitution where possible and will pursue prosecution vigorously.

“We will do our job. Where recovery is possible, we will recover; where prosecution is possible, we will prosecute,” he said. “Additionally, there are similar frauds across the country that people are unaware of, and we are working to uncover them. We are on the local collaborators while we are partnering INTERPOL to trace the foreign operators.”

Oyewale emphasized the importance of public vigilance, urging Nigerians to avoid platforms that promise quick returns without transparency or regulatory approval.

A Wake-Up Call for Regulatory Enforcement

The CBEX saga has again spotlighted the urgent need for tighter regulation of Nigeria’s digital investment space. Experts and financial analysts warn that unless stricter compliance and oversight measures are put in place, similar scams will continue to flourish.

For now, the EFCC’s probe into CBEX is a critical step in holding scammers accountable and deterring others. But for thousands of Nigerians who have been defrauded, the damage — both financial and emotional — may be long-lasting.