We’ve recovered funds, made arrests in N1.3tn CBEX crypto fraud, says EFCC chair
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has announced that the agency successfully recovered funds from the digital investment platform, Crypto Bridge Exchange (CBEX), which has been embroiled in a fraud scandal affecting numerous Nigerian investors.
In an interview with TVC on Sunday, Olukoyede revealed that the EFCC has not only recovered a significant amount of money but has also made arrests linked to the fraudulent activities of CBEX. He emphasized the agency’s dedication to investigating the crypto scheme, stating, “We have gone far with CBEX. We have been able to recover a reasonable amount of money.”
Despite the complexities surrounding the recovery of cryptocurrency, Olukoyede explained that the EFCC has managed to trace a portion of the stolen funds, which were challenging to convert back to cash due to the nature of cryptocurrency transactions. “Even though in the crypto wallet, the same way the money was taken from them. There is no way you will get them in dollars without necessarily going through the same process,” he noted.
The investigation has proven to be difficult, particularly because the fraudsters utilized non-custodial wallets, complicating the identification of the criminals involved. Olukoyede reported ongoing efforts to trace wallets created without identity verification (KYC), stating, “We are still investigating a lot of wallets… they moved it to some wallets in Europe, particularly Cambodia.”
CBEX, which collapsed in April, left investors with staggering losses estimated at over N1.3 trillion. The platform became inaccessible following repeated withdrawal issues, leading to a dramatic decline in users’ account balances. In response to public outcry, CBEX has quietly resumed operations, now allowing new users to register, trade, and withdraw profits.
As the EFCC continues its investigation, Olukoyede urged the public to remain vigilant against such scams, highlighting that there are still ongoing fraudulent activities targeting unsuspecting investors.
