The Economic and Financial Crimes Commission (EFCC) don launch investigation into CryptoBank Exchange (CBEX), a crypto investment platform wey collapse on Monday, leave thousands of investors stranded and over ₦1.3 trillion ($847 million) lost.
According to EFCC spokesperson Dele Oyewale, the commission don already dey monitor CBEX before the crash, and now dem go work with INTERPOL to track down both Nigerian and foreign operators behind the fraud.
CBEX na platform wey promise people 100% profit in 30 days, but suddenly lock withdrawal on April 9, 2025, and later clear users’ account balance, come dey ask for more deposit before people fit access their own money. Many fall for am, think say na temporary issue.
EFCC say dem don dey track more Ponzi platforms and warn Nigerians to stay away from unrealistic quick-profit schemes. Na part of the 58 companies wey EFCC don list earlier this year as fake investment setups.
How Dem Take Run the Scam
- CBEX use social media and referrals to attract Nigerians.
- Dem promise heavy return and ask people to deposit again to “verify” their account.
- Platform don change domain name many times between 2024 and early 2025.
- After dem lock withdrawal, dem ask users with less than $1,000 to pay $100 extra and those with more to pay $200.
Investors React: Wahala Burst Nationwide
- For Ibadan, angry investors storm CBEX office, carry furniture and break things. Police and Amotekun come intervene.
- For Abuja, their office for Jahi area lock, and no staff show up. Security guard say na safety matter.
- People share painful stories online — one lady lose her $1,000 wedding savings, another investor say her brother use school fees, others say dem lose $10,000 and $8,000 each.
EFCC and SEC Don Warn Before
- SEC say with the new Investment and Securities Act 2025, any platform wey no register before doing online trading don commit crime.
- EFCC say dem go recover funds if possible, and prosecute anybody found guilty.
- EFCC list companies like Wales Kingdom Capital, Bethseida, Farmforte, and others as examples of Ponzi setups wey deceive people with agriculture, real estate, and forex investments.
Experts Blame Greed and Lack of Awareness
Financial experts like Kelechi Godfrey and Segun Aremu blame:
- Greed – people wan double money fast without thinking.
- Lack of due diligence – people no dey research or ask questions.
- Risk misunderstanding – people use school fees, wedding money, and other critical funds chase profit.
- Experts talk say when returns too sweet, check am well — e fit be trap.
Final Message From EFCC:
- Make Nigerians shine their eyes.
- Verify every investment platform with CBN or SEC before you put money.
- Report frauds early, and no invest with emotion.
