Controversial Nigerian journalist and activist Dr. Kemi Olunloyo has accused the Economic and Financial Crimes Commission (EFCC) and GTBank of complicity in the collapse of the cryptocurrency platform CBEX, which allegedly defrauded Nigerians of approximately $823 million.
In a recent statement, Olunloyo claimed that CBEX's operators moved the funds through four GTBank accounts before transferring them to a private TRON wallet. She further alleged that both the EFCC and the Securities and Exchange Commission (SEC) issued clearance certificates to the platform, despite its operations raising red flags.
"The EFCC and GTBank aided CBEX, which defrauded Nigerians by moving the cash through four Guaranteed Trust Bank accounts before heading to a TRON wallet of approximately $823M. The money disappeared after it left that crypto wallet. EFCC gave the operators a clearance certificate, and so did the SEC," Olunloyo stated.
The EFCC has not publicly responded to Olunloyo's allegations. However, the commission has been active in investigating financial crimes, securing over 3,000 convictions and recovering significant sums in the past year. In one instance, the EFCC froze 1,146 bank accounts linked to money laundering and terrorism financing activities involving cryptocurrency platforms .
CBEX, which marketed itself as an AI-driven asset trading platform, promised high returns to investors. Reports indicate that the platform collapsed in April 2025, with over $822 million transferred into a private Ethereum wallet, leaving thousands of investors with account balances reduced to zero without any prior warning .
The SEC had previously issued a ban on CBEX's operations, citing concerns over its activities. Despite this, the platform reportedly resumed operations, defying the regulatory authority's directive .
Olunloyo's allegations have sparked outrage among Nigerian investors, many of whom are demanding accountability from both the regulatory bodies and the financial institutions involved. The incident has also raised questions about the effectiveness of regulatory oversight in the rapidly evolving cryptocurrency sector.
As investigations continue, stakeholders are calling for increased transparency and stricter regulations to protect investors and prevent future financial frauds in Nigeria's burgeoning digital economy.
