Nigeria is reeling from a massive financial scandal as the Economic and Financial Crimes Commission (EFCC) investigates a β¦1.3 trillion ($847 million) fraud linked to the CryptoBank Exchange (CBEX). The Ponzi scheme, which promised investors a staggering 100% return within 30 days, collapsed after restricting withdrawals on April 9, 2025, leaving 300,000 investors in financial ruin.
The EFCC, with support from Interpol,
Is now working to unravel the intricate web of deceit behind CBEXβs operations.This high-stakes investigation highlights the growing risks in Nigeriaβs crypto space and the urgent need for stronger regulatory oversight. As authorities dig deeper, the fallout from this scam serves as a stark reminder for investors to tread carefully in the volatile world of digital finance. Stay tuned for updates on this unfolding financial crisis.
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