The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has announced significant progress in the agency’s investigation into the Crypto Bridge Exchange (CBEX) fraud, which left thousands of Nigerian investors defrauded of over ₦1.3 trillion.
Speaking during an interview with TVC on Sunday, Olukoyede confirmed that the EFCC has recovered a portion of the stolen funds and made arrests in connection with the case.
“We have gone far with CBEX. We have been able to recover a reasonable amount of money,” the EFCC chairman stated. He noted that although the stolen funds were in cryptocurrency, the commission was able to trace and retrieve some of them. However, he explained that converting the recovered crypto into cash presented challenges, as the process required navigating similar digital pathways used by the fraudsters.
“You can’t just get the dollars in cash without necessarily going through the same process used to extract the money,” Olukoyede added.
While some suspects have been arrested, the EFCC is still pursuing others involved in the scheme. “We are still after quite a number of people we have declared wanted,” he said, emphasizing that details of the ongoing operation are being kept confidential to avoid jeopardizing the investigation.
The EFCC boss also highlighted the sophistication of the fraud, pointing out that the use of “non-custodial wallets”—crypto wallets without Know-Your-Customer (KYC) requirements—has complicated efforts to trace and apprehend the criminals. According to him, funds were funneled through various untraceable wallets before being moved to accounts in Europe, particularly in Eastern Europe and Cambodia.
“Some wallets where the money has not been dispersed have already been blocked,” Olukoyede revealed, cautioning that more perpetrators are still at large and some Nigerians continue to fall victim to ongoing scams linked to the platform.
CBEX, which abruptly collapsed in April 2024 following widespread withdrawal issues and account balance losses, has since resumed operations, even allowing new users to register and withdraw profits. The move, however, has done little to ease the outrage sparked by the initial crash, with many Nigerians continuing to voice their anger and frustration on social media.
What you should know
CBEX allegedly defrauded Nigerian investors of over ₦1.3 trillion before its collapse in April 2024. Although it has resumed partial operations, the EFCC is actively investigating the platform, having recovered part of the funds and arrested some suspects.
The agency warns that the fraud’s complexity, especially the use of anonymous crypto wallets, poses significant challenges.
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