The Economic and Financial Crimes Commission (EFCC) has confirmed that a full-scale investigation is underway following the collapse of CryptoBank Exchange, also known as CBEX, a digital investment platform accused of defrauding investors of approximately N1.3 trillion.
EFCC spokesperson Dele Oyewale stated that the commission is working closely with the International Criminal Police Organisation (INTERPOL) and other security agencies within and outside Nigeria to trace the funds and uncover those behind the operation. Oyewale acknowledged the growing public concern, especially as thousands of investors have been left unable to access their funds.
He explained that although the process may take some time due to the complexity of the case and its international reach, the EFCC is determined to bring everyone involved to justice. The agency is also looking into the foreign connections of the platform’s operators.
The platform’s sudden collapse has triggered widespread panic and outrage. Many of the victims, both Nigerians and foreigners, have taken to social media to share their frustrations, with some storming the CBEX offices in an attempt to get answers.
Preliminary but unconfirmed estimates suggest that investors may have lost up to $847 million, primarily in the USDT cryptocurrency. Financial experts have since labeled CBEX a Ponzi scheme, warning that it promised unrealistic returns and targeted unsuspecting investors with misleading projections.
This incident comes just weeks after the EFCC sounded the alarm over 58 unregistered Ponzi schemes operating in the country. The commission had earlier warned the public to avoid doing business with digital platforms that lack regulatory approval.
While the search for answers continues, many affected investors are hoping that the ongoing investigation will offer some form of justice or recovery in the near future.
