The Economic and Financial Crimes Commission (EFCC) has commenced a full-scale investigation into the alleged N1.3 trillion fraud linked to the sudden collapse of the digital investment platform, CryptoBank Exchange (CBEX).
The platform, run by a group of foreign nationals in collaboration with Nigerian partners, abruptly shut down on Monday, leaving thousands of investors devastated and unable to access their funds.
EFCC spokesman Dele Oyewale confirmed on Tuesday that the agency was already tracking CBEX operations before its collapse and will now intensify efforts in partnership with Interpol to apprehend the perpetrators.
“We had our intelligence before the incident. We were already working on it,” Oyewale said. “But now that the scheme has collapsed, the major actors and their collaborators will be brought in.”
According to Oyewale, the EFCC is determined to ensure justice for victims and to clamp down on the growing wave of Ponzi-like digital platforms defrauding Nigerians under the guise of crypto or investment innovation.
The commission said its ongoing crackdown follows a recent public advisory in which it listed 58 suspicious investment platforms already under watch. Oyewale hinted that “many more” are currently being investigated.
CBEX’s collapse has dominated social media discourse in the past 48 hours, with many users revealing life-altering losses—ranging from school fees to life savings—wiped out overnight by the now-inaccessible platform.
