The Economic and Financial Crimes Commission (EFCC) says it is collaborating with INTERPOL to track down the individuals behind CBEX, the now-defunct digital trading platform accused of disappearing with more than N1.3 trillion in investors’ money.
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EFCC spokesperson Adele Oyewale, in a statement on Tuesday, disclosed that the agency had already launched an investigation into CBEX’s activities prior to its sudden
The collapse of CBEX has sparked outrage across Nigeria after thousands of users reported losing their funds to what is now considered one of the country’s biggest crypto scams.
CBEX lured investors with promises of 100% returns within 30 days through AI-driven trading. However, cybersecurity experts say $822.8 million in assets were secretly moved to a private Ethereum wallet while users’ balances suddenly dropped to zero. The platform later shut down its Telegram channels and introduced a fake “verification” process demanding more payments.
Social media has been flooded with reactions, as many likened the scam to the infamous MMM scheme. While some expressed sympathy for victims, others criticized their vulnerability to fast-money offers.
Oyewale also cautioned Nigerians against putting money into financial schemes without proper checks, advising them to consult regulatory bodies such as the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) before investing.
