The Economic and Financial Crimes Commission (EFCC) has teamed up with INTERPOL to investigate the dramatic collapse of CryptoBank Exchange (CBEX), a digital trading platform accused of vanishing with over ₦1.3 trillion in investor funds. The move comes after thousands of Nigerians were left stranded, unable to access their savings, and widespread outrage erupted both online and at CBEX’s abandoned offices across the country.
CBEX, operated by foreign nationals alongside Nigerian collaborators, abruptly shut down on Monday, April 14, 2025. Many investors woke up to find their account balances wiped out, with the platform demanding additional deposits before granting access, a tactic now seen as a final ploy before the crash. The EFCC revealed that it had begun investigating CBEX before its collapse, acting on credible intelligence reports.
EFCC spokesperson Dele Oyewale confirmed ongoing efforts to arrest both local and international perpetrators. “We are on the local collaborators while we are partnering with INTERPOL to trace the foreign operators. Where recovery is possible, we will recover; where prosecution is possible, we will prosecute,” Oyewale stated.
The Securities and Exchange Commission (SEC) has also warned Nigerians to avoid unregistered trading platforms and Ponzi schemes, reminding the public that operating such platforms without proper registration is now a criminal offense under the new Investment and Securities Act, 2025.
As the investigation unfolds, the EFCC urges Nigerians to verify investment opportunities with regulatory bodies like the Central Bank of Nigeria and the SEC before committing funds. The commission has not yet released details of arrests or asset recoveries, but assures the public that it is committed to dismantling fraudulent schemes and protecting investors nationwide.
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