THE Economic and Financial Crimes Commission (EFCC) has confirmed that it has launched an investigation into the controversial cryptocurrency trading platform, Crypto Bridge Exchange Smart-Treasures, widely known as CBEX.
CBEX, an AI-powered crypto platform that promised users “100% monthly returns,” reportedly crashed between, April 11-14, locking investors out of their accounts. The sudden shutdown triggered outrage among users, leading to chaotic scenes at alleged CBEX offices. In Ibadan, angry investors stormed the premises, and the protest reportedly escalated into looting.
Speaking to The ICIR, EFCC spokesperson Dele Oyewale confirmed that the commission has begun investigating the matter.
“We have commenced investigation into CBEX,” Oyewale said. “The investors will get back their money. It might not be immediately, but they will get back their money. It is not an assurance.”
“I am telling you that operationally, we are working and because we are working, we will ensure that investors get back their money,” Oyewale stated.
On the existence of CBEX offices in Nigeria, Oyewale clarified that the platform operated strictly online and had no practical physical presence in the country.
The ICIR can recall that Nigerians have fallen victim to MMM Nigeria, Get Help Worldwide, Crowd Rising, Donation Hub, Lion’s Share, 6Dollars Investment, and now CBEX investments.
Experts in the sector believe that the Securities and Exchange Commission (SEC), the regulator, needed to make the necessary campaigns to enlighten and enforce regulations against Ponzi scheme operators.
The recently signed Investment and Securities Act 2025 has given more power to the SEC to regulate all virtual and digital assets.
“Hence, the SEC should not fold its hands and allow this massive fraud and loss of investment by Nigeria to go unchallenged,” said the national president of New Dimension Shareholders, Patrick Ajudua.
A reporter with the ICIR
A Journalist with a niche for quality and a promoter of good governance