The Economic and Financial Crimes Commission (EFCC) has partnered with Interpol to investigate the alleged N1.3 trillion ($847 million) CryptoBank Exchange (CBEX) Ponzi scheme.
The digital investment platform, operated by foreign nationals and their Nigerian partners, promised unusually high returns on investments, convincing thousands of Nigerians to invest substantial amounts.
According to reports, CBEX restricted withdrawals on April 9, 2025, and later demanded deposits for account verification, raising suspicions about the platform’s legitimacy.
The EFCC had been monitoring CBEX before its collapse and is now working with Interpol to track down foreign operators and bring perpetrators to justice.
The scam has sparked nationwide outrage, with frustrated investors storming CBEX offices in Ibadan and Abuja.
Security agencies have been deployed to maintain order, and the EFCC is urging victims to come forward with complaints.
The Securities and Exchange Commission (SEC) has warned against unregistered trading platforms, citing a new law requiring registration for online forex trading platforms.
The EFCC is working to recover stolen funds and prosecute perpetrators, while also investigating other potential Ponzi schemes.
Nigerians are advised to exercise caution and verify investment opportunities with regulatory bodies before committing funds.
