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- The Economic and Financial Crimes Commission (EFCC) has launched an probe into the alleged N1.3tn fraud perpetrated done the collapsed integer concern platform, CBEX
- Thousands of investors person been near stranded, incapable to entree their funds, arsenic authorities enactment to way some section and planetary operators down the scheme
- In effect to the increasing concerns, the Securities and Exchange Commission (SEC) has reaffirmed its stance against unregistered trading platforms, urging Nigerians to debar Ponzi schemes
The Economic and Financial Crimes Commission (EFCC) has launched an probe into the alleged N1.3tn fraud linked to the integer concern level CryptoBank Exchange (CBEX).
The platform, operated by a radical of overseas nationals and their Nigerian partners, collapsed connected April 14, leaving thousands of investors incapable to entree their funds.
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The EFCC spokesman, Dele Oyewale, confirmed that the bureau had begun probing CBEX earlier its illness and would collaborate with INTERPOL to way down those responsible.
CBEX investors conflict to retrieve funds
Reports bespeak that affected investors mislaid astir $847 cardinal successful USDT, with the fig expected to rise. CBEX had promised 100 per cent returns wrong 30 days, but restricted withdrawals connected April 9, 2025.
Investors were shocked erstwhile their relationship balances were wiped out, with the level demanding further deposits of up to $200 for verification earlier withdrawals.
CBEX had repeatedly changed its domain sanction betwixt 2024 and aboriginal 2025, raising suspicions astir its legitimacy.
SEC warns against unregistered trading platforms
In effect to the CBEX crash, the Securities and Exchange Commission (SEC) reiterated its stance connected unregistered forex trading platforms.
Under the Investment and Securities Act, 2025, signed by President Bola Tinubu, operating an unregistered integer trading level is present an offence.
SEC Director-General Dr. Emomotimi Agama stated that the caller instrumentality aims to heighten capitalist extortion and marketplace transparency, urging businesses to question due registration.
Nationwide outrage implicit CBEX collapse
The CBEX illness has triggered outrage, with frustrated investors storming the company’s offices successful Ibadan and Abuja.
Security forces, including the Nigeria Police Force and Operation Amotekun, were deployed to forestall unrest arsenic investors demanded answers. Many victims expressed their distress, with immoderate losing thousands of dollars successful the fraudulent scheme.
Can Nigerians inactive retreat their wealth connected CBEX?
Legit.ng earlier reported that Nigerians person taken to societal media to lament the illness of CBEX, a integer plus trading level that reportedly wiped implicit N1.3 trillion from investors’ accounts.
The level crashed connected April 14, causing funds successful idiosyncratic wallets to vanish. According to PUNCH: CBEX subsequently locked its Telegram channels, postponed withdrawals, and offered investors a verification option—$2,000 for $200 verification and $1,000 for $100 verification—raising suspicions astir its operations.
Cryptocurrency adept Taiwo Owolabi, analysing the clang connected X space, revealed that stolen funds, amounting to $847 cardinal successful USDT, had been transferred to a TRX code and were apt to increase. Owolabi stressed that CBEX was not a licensed platform, noting its website had been designed to mimic morganatic trading sites similar ByBit.
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Source: Legit.ng
