The Economic and Financial Crimes Commission (EFCC) has intensified its investigation into the ₦1.3 trillion cryptocurrency fraud associated with the Crypto bank Exchange (CBEX) platform by declaring two additional suspects wanted. This move is part of a broader effort to apprehend all individuals involved in one of Nigeria’s most significant financial scams.
Overview of the CBEX Scam
CBEX, which presented itself as a Singapore-registered digital asset trading platform, promised investors a 100% return on investment within 30 days. Operating primarily through Telegram groups, the platform utilized referral-based structures and offered bonuses in USDT, a stablecoin. Despite lacking registration with Nigeria’s Securities and Exchange Commission (SEC), CBEX attracted thousands of investors across Nigeria and Kenya.
The platform abruptly collapsed in April 2025, disabling withdrawals and introducing a “verification unlock fee,” further defrauding desperate investors. Blockchain analysis revealed that investor funds were funneled into a central wallet holding over $847 million in USDT, with no recovery to date.
EFCC and International Collaboration
In response to the scam, the EFCC has been collaborating with international agencies, including Interpol and the FBI, to trace and apprehend both local and foreign perpetrators. The commission had previously arrested 792 suspects in a massive sting operation in Lagos, marking its largest single-day crackdown on cryptocurrency and romance scam syndicates.
The EFCC’s ongoing investigation aims to dismantle the networks facilitating such fraudulent activities and bring those responsible to justice. The declaration of two more suspects as wanted underscores the commission’s commitment to holding all involved parties accountable.
SEC’s Regulatory Measures
Following the CBEX collapse, the SEC has invoked the newly enacted Investments and Securities Act 2025, which mandates that any entity offering digital asset services must register with the commission. Operating without registration now attracts a minimum ₦20 million fine and up to 10 years in prison.
The SEC continues to warn Nigerians against investing in unregistered platforms and emphasizes the importance of due diligence before engaging in any financial ventures.
Public Advisory
The EFCC urges the public to remain vigilant and report any suspicious investment schemes. Investors are advised to verify the registration status of any financial platform with the SEC and to be cautious of promises of unusually high returns.
For more information and updates on the EFCC’s investigations, visit the official EFCC website: EFCC News Releases.
