The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has announced that the anti-graft agency has recovered part of the funds lost to the collapsed digital trading platform, Crypto Bridge Exchange (CBEX), and arrested several suspects linked to the fraudulent scheme.
Olukoyede made the disclosure during an interview with TVC on Sunday, revealing that the EFCC has made significant strides in its investigation into the cryptocurrency-based investment platform, which left many Nigerians defrauded following its abrupt shutdown in April.
“We have gone far with CBEX. We have been able to recover a reasonable amount of money,” he stated.
According to the EFCC boss, although the stolen funds were held in cryptocurrency, the agency has managed to trace and recover a portion. However, converting the recovered assets back to cash has proven challenging due to the complex nature of crypto transactions.
“There is no way you will get the dollars in cash without necessarily going through the same process,” he explained, referring to the blockchain-based trails used to move and store the funds.
Olukoyede also confirmed that some suspects have been apprehended while others remain at large. “We are not going to give out much because we don’t want the process to be disrupted. We are still after quite a number of people we have declared wanted,” he added.
One of the major challenges facing the investigation, he noted, is that the perpetrators used non-custodial wallets—crypto wallets without Know Your Customer (KYC) protocols—which makes it difficult to trace the identities behind the transactions.
“So, from the non-custodial wallet, they moved it to some wallets in Europe—Eastern Europe in particular, like Cambodia—and from there, they dispersed the money,” he said. “We have been able to block some of these wallets where money has not been dispersed.”
CBEX collapsed earlier this year, leaving investors with estimated losses of over N1.3 trillion. The platform became inaccessible after users experienced prolonged withdrawal failures, followed by the sudden disappearance of their account balances.
The incident sparked outrage across social media, where victims expressed anger and frustration. Despite the public outcry, CBEX quietly resumed operations, reintroducing withdrawal options and allowing new user registrations in an apparent attempt to regain investor trust.
Olukoyede warned Nigerians to remain vigilant and avoid falling victim to similar crypto-based investment schemes. “I believe people should learn from this,” he said.
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