The Economic and Financial Crimes Commission (EFCC) has initiated a comprehensive investigation into the alleged ₦1.3 trillion ($847 million) fraud perpetrated by the now-defunct digital investment platform, CryptoBank Exchange (CBEX). In collaboration with the International Criminal Police Organization (INTERPOL), the EFCC aims to trace and apprehend both local and international individuals involved in the scheme.​

EFCC spokesperson Dele Oyewale confirmed that the commission had begun probing CBEX prior to its collapse, based on credible intelligence. He emphasized the agency's commitment to recovering funds and prosecuting those responsible, stating, "We are on the local collaborators while we are partnering with INTERPOL to trace the foreign operators." ​

CBEX, which promised investors 100% returns within 30 days, abruptly ceased operations on April 14, 2025. Before its shutdown, the platform restricted withdrawals and demanded additional deposits from users under the guise of account verification. The scheme reportedly affected over 300,000 investors, leading to widespread outrage and protests, including incidents of vandalism at CBEX offices in Ibadan. ​

In response to the incident, the Securities and Exchange Commission (SEC) reiterated its warning against unregistered trading platforms. Under the newly enacted Investment and Securities Act of 2025, operating such platforms without proper licensing is a criminal offense. SEC Director-General Dr. Emomotimi Agama urged prospective operators to seek registration to avoid sanctions. ​

The EFCC has assured the public of its dedication to dismantling fraudulent schemes like CBEX and protecting investors from similar scams. Investigations are ongoing, with efforts focused on both recovering lost funds and bringing perpetrators to justice.​