The Economic and Financial Crimes Commission (EFCC) has announced the recovery of funds from CryptoBank Exchange (CBEX), a digital investment platform implicated in a massive scam involving approximately N1.3 trillion.
EFCC spokesperson Dele Oyewale stated that the commission is diligently working to recover the lost funds and bring the perpetrators to justice.
To facilitate this process, the EFCC has partnered with Interpol to track down the individuals behind the platform, who are believed to be foreign nationals.CBEX had promised investors unusually high returns of 100% within 30 days through online trading.
However, the platform abruptly restricted withdrawals on April 9, 2025, before ceasing operations entirely. This sudden collapse has left thousands of investors unable to access their funds, sparking widespread concern.
The EFCC had initiated an investigation into CBEX prior to its collapse, prompted by intelligence reports and public complaints. The commission’s efforts to address this financial crime are ongoing, with a focus on recovering the lost funds and ensuring that investors receive their money back.
While this process may take time, the EFCC is committed to achieving a successful outcome.In light of this incident, the EFCC has cautioned Nigerians to exercise caution when engaging with online investment platforms that promise unrealistic returns.
The agency emphasizes the importance of verifying the legitimacy of such platforms through regulatory bodies to avoid falling victim to similar scams.
The EFCC’s collaboration with Interpol is expected to yield results in tracking down the foreign nationals involved in the CBEX scam.
By working together, the agencies aim to bring the perpetrators to justice and prevent future instances of financial crime.
