The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has confirmed that the agency has made significant progress in its ongoing investigation into the N1.3 trillion Crypto Bridge Exchange (CBEX) investment fraud.
Speaking during an interview on TVC, Olukoyede revealed that the EFCC has recovered a substantial amount of funds linked to the scheme and has also arrested some suspects involved in the fraudulent operation. He noted that the nature of the fraud, which involved cryptocurrency, presented complex challenges in tracing and recovering the stolen assets.
“We have gone far with CBEX. We have been able to recover a reasonable amount of money,” the EFCC chairman stated. He explained that although the stolen funds were in cryptocurrency, the agency had successfully traced and retrieved part of the money. However, he highlighted that converting the digital assets back into cash involved navigating similar crypto mechanisms, making the process difficult.
Olukoyede further disclosed that some key suspects have already been apprehended, while others remain at large. He stressed that the EFCC was withholding certain operational details to avoid jeopardizing ongoing efforts to arrest additional suspects.
He noted that one of the major hurdles in the investigation is the use of non-custodial wallets by the fraudsters, accounts without any Know-Your-Customer (KYC) identification, making it difficult to link them to specific individuals. According to him, the funds were moved from these anonymous wallets to accounts in Europe, particularly in Eastern Europe and Cambodia. Despite the complexity, he confirmed that the EFCC had successfully blocked some of the wallets before the funds could be fully dispersed.
“I even learnt that there are still some of these perpetrators and Nigerians are still falling victim. I believe people should learn from this,” Olukoyede warned.
The CBEX platform collapsed in April 2024, leaving investors with estimated losses exceeding N1.3 trillion. The platform had become inaccessible following a series of withdrawal issues, and many users later discovered that their account balances had disappeared entirely. The incident sparked widespread outrage, especially on social media, with affected individuals expressing frustration and demanding accountability.
In a surprising development, CBEX quietly resumed operations, enabling new users to register, trade, and withdraw profits, an apparent attempt to restore investor confidence despite the unresolved crisis.
The EFCC has reiterated its commitment to bringing all perpetrators of the scheme to justice and continues to urge Nigerians to exercise caution when engaging in digital investment platforms.
