The Economic and Financial Crimes Commission (EFCC) has revealed that funds obtained from the controversial CBEX crypto bridge exchange scam have been traced to no fewer than four different countries, raising concerns that victims of the fraud may never fully recover their lost investments.
EFCC Chairman, Ola Olukoyede, made the disclosure on Wednesday during an interview on Channels Television’s Politics Today. He stated that while investigators have made notable strides, complete restitution is improbable due to the international nature of the transactions and the extent of funds already dissipated.
“We have been able to block some accounts. We have been able to freeze some funds, which I will not be able to give you a figure, but some reasonable amount of funds, we have been able to freeze,” Olukoyede said.
He explained that the fraudulent transactions were largely carried out in cryptocurrency and funneled through wallets based outside Nigeria, thereby complicating efforts to retrieve the funds.
“I will not sit down and tell you that we are going to restore every victim. It will become practically impossible because quite a certain amount of money has been dissipated and not within our system,” he said. “We have traced to three, four countries now. In fact, the principal parties behind the entire scheme… most of them are foreigners.”
Olukoyede added that three suspects are currently in custody and have provided “very useful statements.” He also confirmed collaboration with foreign counterparts to recover stolen funds and apprehend suspects.
The CBEX controversy came to public attention in April when users began reporting their inability to access funds stored on the platform. As public complaints surged, the Securities and Exchange Commission issued a statement revealing that the digital trading firm was operating without proper registration or regulatory oversight.
Subsequently, on April 30, the EFCC declared Elie Bitar, a foreign national, wanted in connection with what authorities estimate to be a $1 billion investment fraud. The Federal High Court in Abuja later granted the EFCC the authority to arrest and detain six additional individuals identified as promoters of the platform.
To date, the EFCC has also declared at least eight Nigerian nationals wanted for their alleged roles in the scam, as the investigation continues to unfold.
What you should know
The EFCC is pursuing a transnational investigation into the CBEX crypto scam, which allegedly defrauded investors of over $1 billion.
With key suspects identified and international wallets involved, the agency warns that full financial recovery may not be feasible, despite ongoing efforts to bring all perpetrators to justice.
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