The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has confirmed that the Commission has begun recovering funds lost by Nigerians to the now-defunct Crypto Bridge Exchange (CBEX), a digital Ponzi scheme that collapsed in April 2025.
In an interview with TVC News, Olukoyede revealed that a substantial portion of the stolen funds—initially valued at up to N1.3 trillion—has been retrieved, although he refrained from disclosing the exact amount due to ongoing investigations. “We have made significant progress with CBEX and recovered a reasonable sum,” he stated.
The EFCC Chairman also confirmed the arrest of several suspects linked to the fraud, while others remain at large. Efforts are actively underway to apprehend the remaining perpetrators and trace multiple cryptocurrency wallets involved in the scam.
Olukoyede acknowledged the complexities of converting the recovered cryptocurrency assets into cash, citing the technical and procedural challenges involved. “The funds were stolen through crypto wallets, and converting them to cash requires careful navigation of the same channels used in the fraud,” he explained.
How the CBEX Scheme Operated
CBEX, managed by a network of foreign operators and Nigerian collaborators, lured unsuspecting investors with promises of 100% returns within 30 days through online trading. The platform, however, suspended withdrawals on April 9, 2025. User account balances mysteriously vanished shortly afterward.
In a deceptive twist, investors were later instructed to deposit additional funds—$100 for smaller accounts and $200 for accounts with balances above $1,000—to “regain access,” further deepening their losses.
Investigations revealed that CBEX held seminars featuring supposed financial experts, including a PhD holder in capital markets, to build credibility and attract more victims.
Ongoing Investigations and Public Assurance
The EFCC assured the public of its commitment to recovering more funds and bringing all perpetrators to justice. “We are still tracing multiple wallets and engaging key individuals. Some are cooperating, and we are making headway,” said Olukoyede.
The Commission urges the public to remain cautious and avoid get-rich-quick investment schemes, especially those involving unregulated digital platforms.
Credit: Nairametrics
Discover more from Ayobami Blog
Subscribe to get the latest posts sent to your email.
