The digital investment platform Crypto Bridge Exchange (CBEX), which promised high returns and attracted investors from Nigeria and Kenya, collapsed suddenly, resulting in losses exceeding 1.3 trillion Nigerian Naira (approximately $822 million). The Securities and Exchange Commission (SEC) clarified that CBEX was not registered to operate as a digital assets exchange in Nigeria and warned the public against engaging with the platform. Many investors, including residents in Ibadan, reportedly sold assets and took loans to fund their investments, which ranged from $200 to 5 million Naira. The Economic and Financial Crimes Commission (EFCC) has received numerous inquiries from affected Nigerians and vowed to recover investors’ funds and prosecute those responsible. The EFCC is collaborating with Interpol to apprehend the operators behind CBEX. A Lagos Federal High Court ordered the final forfeiture of shares and funds linked to related Ponzi schemes, including 2,041,087,747 units of shares in Livingtrust Mortgage Bank Plc valued at over 6.6 billion Naira, as well as cash traced to Cititrust Holdings Plc. The Nigerian House of Representatives condemned the CBEX fraud and called for a crackdown on Ponzi schemes nationwide. Additionally, the EFCC arrested 40 suspected internet fraudsters in Niger State as part of ongoing efforts to combat financial crimes.