EFCC Invites C-BEX Fraud Victims to Assist Ongoing Probe
- Local News
- 23.08.2025
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EFCC Invites C-BEX Fraud Victims to Assist Ongoing Probe
by inviting victims of the fraudulent cryptocurrency trading platform, Crypto Bridge Exchange (C-BEX), to assist with investigations.
According to a press release issued on Friday, the commission urged affected individuals to report to its zonal offices in Ibadan and Lagos
to provide critical evidence that will strengthen the case against the masterminds of the scheme.
This invitation marks a significant development in Nigeria’s fight against crypto-related fraud, as thousands of investors across the country reportedly lost
millions of naira to C-BEX before it collapsed earlier this year. Many victims were lured by promises of high returns on digital assets, only to discover that
the platform was nothing more than a sophisticated Ponzi scheme.
claimed to be regulated and presented itself as a trustworthy financial institution. Its aggressive marketing campaigns, referral bonuses, and promises of
exponential profits quickly attracted thousands of Nigerians, particularly young people seeking financial freedom through crypto trading.
However, beneath the glossy image, C-BEX reportedly lacked transparency. Complaints began to surface in early 2025 about delayed withdrawals and technical
glitches. By mid-2025, the platform had completely shut down operations, leaving investors stranded and without access to their funds.
The EFCC, after receiving multiple petitions, launched an official investigation into the company. Several executives of C-BEX were declared wanted, while
others are believed to have fled the country.
report to the commission’s Ibadan Zonal Command and Lagos Zonal Directorate with documents, receipts, transaction records,
and any other evidence that could assist investigators.
“We urge all victims of the C-BEX fraud to come forward. Your cooperation will play a vital role in ensuring that perpetrators of this massive financial crime
are brought to justice,” the EFCC stated.
The commission also reassured the public that steps are being taken to track down key suspects, recover stolen funds, and prevent similar scams in the future.
Nigeria has witnessed a surge in cryptocurrency adoption, making it one of the leading countries in Africa for crypto transactions. Unfortunately, this growth has
also attracted bad actors who exploit loopholes in regulations.
By investigating and prosecuting those behind fraudulent crypto schemes, EFCC aims to send a strong message to financial criminals while encouraging investors
to exercise caution when engaging with digital platforms.
- Visit EFCC’s zonal offices in Lagos or Ibadan.
- Present official transaction receipts, bank statements, and email correspondences with C-BEX.
- Provide written statements detailing personal experiences with the platform.
- Cooperate with investigators during follow-up interviews or court proceedings.
Victims who may not be able to physically report have been encouraged to reach out to the EFCC via its official website or verified contact numbers to
explore alternative reporting methods.
high unemployment, and desperation for quick wealth has created a fertile ground for such scams. In 2023 and 2024 alone, several other schemes, including
“Inksnation” and “MMM clones,” defrauded thousands of investors.
Analysts argue that while Nigeria has embraced blockchain technology and ranks high in peer-to-peer crypto transactions, stronger oversight is needed to
prevent scams that erode public trust.
about the possibility of recovering their lost funds.
“It’s a step in the right direction, but we’ve seen cases like this drag for years without meaningful results. I just hope EFCC delivers this time,”
one victim posted on X (formerly Twitter).
Others called for stricter government regulation of cryptocurrency platforms operating in the country, insisting that prevention is better than cure.
However, as digital assets continue to grow in popularity, regulators are under pressure to strike a balance between innovation and investor protection.
The C-BEX scandal could serve as a catalyst for stronger laws, forcing crypto firms to register, submit financial records, and operate under clear compliance frameworks.
While the journey to recovery may be long and complex, the cooperation of victims, regulators, and law enforcement agencies will determine the
ultimate success of the probe.
For now, all eyes remain on the EFCC as Nigerians await justice in one of the country’s most significant crypto fraud cases in recent years.
