Nigeria’s EFCC Hunts Foreign Crypto Fraudster in $800M Exit Scam—Because Apparently, ’Decentralized’ Means ’No Paperwork’

Nigerian authorities are chasing a high-profile foreign suspect accused of orchestrating a crypto Ponzi scheme that vaporized $800M in investor funds. The Economic and Financial Crimes Commission (EFCC) confirmed the manhunt—another black eye for an industry regulators already view as the Wild West.

Details remain scarce, but sources say the scheme promised double-digit returns by ’leveraging blockchain arbitrage’—fintech-speak for ’too good to be true.’ Classic rug-pull tactics: flashy marketing, fake team profiles, and of course, the obligatory ’regulatory-compliant’ claims that evaporated faster than a memecoin’s liquidity.

This comes as Nigeria tightens crypto oversight after the 2024 Binance debacle. Funny how the ’bankless economy’ still needs cops to chase the thieves.

The wanted notice was signed by Dele Oyewale, Head of Media and Publicity for the EFCC. He reaffirmed the commission’s commitment to tracking down those exploiting Nigerians through fraudulent schemes.

CBEX gained popularity over the last 2 years by offering flashy promises of doubling investors’ money in just 30 days. Behind the scenes, however, it was running without a proper license from the Securities and Exchange Commission. 

Even though it was registered with the Corporate Affairs Commission and listed with the EFCC’s Special Control Unit Against Money Laundering, the platform operated illegally and unregulated.

A local report revealed on April 24, 2025, that CBEX had wiped out about ₦1.3 trillion, affecting more than 600,000 Nigerians. Many victims had invested their savings, loans, or even borrowed funds, believing the platform was safe. Hong Kong authorities had earlier warned the public about CBEX’s fake licenses back in 2024, but no Nigerian authority took action at the time.

The editorial also noted that CBEX followed the same pattern as other popular scams like MMM and MBA Forex. These schemes use popular buzzwords like “crypto” and “AI” to trick people into investing money. Over the last decade, over ₦2 trillion has reportedly been lost to such scams in Nigeria.

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