EFCC Recovered Funds, Made Arrests In CBEX Crypto Scam – Chairman
The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has revealed that the anti-graft agency has recovered funds and made arrests in connection with the controversial digital investment platform, Crypto Bridge Exchange (CBEX), which collapsed earlier this year, leaving Nigerian investors stranded.
Olukoyede made the disclosure during a televised interview on Sunday with TVC News, where he spoke on the progress of the Commission’s probe into the multi-billion naira cryptocurrency fraud.
“We have gone far with CBEX. We have been able to recover a reasonable amount of money,” the EFCC boss said.
OSUN DEFENDER reports that CBEX came under scrutiny in April after users of the platform reported being unable to withdraw their funds. This was followed by the disappearance of account balances, triggering nationwide outrage. The crash of the platform is estimated to have left investors with combined losses exceeding ₦1.3 trillion.
Olukoyede, while assuring the public that the EFCC is leaving no stone unturned, noted that the funds were traced and recovered despite the challenges posed by the use of cryptocurrency.
“Even though the stolen money was in crypto wallets, the same way it was taken from victims, that’s the same way we had to follow it. There is no way you will get the money in cash or dollars without going through those same processes,” he explained.
He further noted that the suspects behind the scheme took deliberate steps to frustrate tracking efforts by using non-custodial wallets—accounts that are not linked to verified personal information, making it difficult to trace transactions to specific individuals.
“We are still investigating a lot of these wallets. They created what we call non-custodian wallets—meaning there’s no KYC (Know Your Customer). From there, they moved funds to Eastern Europe, especially Cambodia, and dispersed the money,” he said.
Despite these complexities, Olukoyede said the Commission has successfully blocked some of the wallets where funds had not yet been moved out, and has effected “reasonable arrests” of individuals believed to be connected to the scam.
“We are still on the trail of others. We are not going to give out too much information so as not to jeopardise the ongoing operation. But yes, some of them are already in custody,” he added.
He expressed concern that some Nigerians are still falling victim to ongoing schemes by the same fraudsters, even as CBEX reportedly resumed limited operations and began processing new user registrations and withdrawals in what appears to be an attempt to regain public confidence.
The EFCC boss urged Nigerians to remain vigilant and exercise extreme caution when dealing with unregulated financial platforms promising unrealistic returns.
“People should learn from this. There is no miracle in investment. If it sounds too good to be true, it probably is,” Olukoyede cautioned.
Sodiq Lawal is a passionate and dedicated journalist with a knack for uncovering captivating stories in the bustling metropolis of Osun State and Nigeria at large. He has a versatile reporting style, covering a wide range of topics, from politics , campus, and social issues to arts and culture, seeking impact in all facets of the society.
