US EditionCBEX: We’ve Recovered some Money, Made Arrests – EFCC
- As of May 2025, Nigerian authorities have recovered some assets and detained individuals linked to the fraudulent Crypto Bridge Exchange scheme, according to statements from the agency’s Chairman, Ola Olukoyede.
- The scheme collapsed in April after promising investors 100 percent returns in 30 days, causing losses estimated at N1.3 trillion and leading to protests including a looting of the CBEX office in Ibadan, Oyo State.
- EFCC Chairman Ola Olukoyede explained that stolen cryptocurrency was traced through noncustodial wallets dispersed across Europe, Eastern Europe, and Cambodia, which complicated recovery efforts and investigations.
- Olukoyede reported that the Commission has successfully apprehended suspects and recovered a significant sum of money, while emphasizing that several perpetrators are still at large.
- The EFCC’s ongoing international collaboration and prosecutions highlight persistent challenges in curbing crypto investment fraud in Nigeria.
17 Articles
17 Articles
EFCC recovers part of CBEX funds, arrests two suspects
Mr Olukoyede said the commission has made “significant progress” in its ongoing investigation of the Ponzi scheme, which scammed thousands of Nigerians out of an estimated N1.3 trillion. The post EFCC recovers part of CBEX funds, arrests two suspects – Official appeared first on Premium Times Nigeria.
CBEX: We’ve recovered some money, made arrests – EFCC
The Economic and Financial Crimes Commission, EFCC, says it has recovered some money from the digital investment platform, CryptoBank Exchange (CBEX). Chairman of the EFCC, Ola Olukoyede, stated this while fielding questions on Television Continental, TVC. DAILY POST had reported that thousands of Nigerians lost investments in the digital asset trading platform to the tune of N1.3 trillion. The development came after CBEX which boasted of giving…
CBEX Fraud: We've recovered some money, made arrests – EFCC - Daily Trust
The Economic and Financial Crimes Commission (EFCC) says it has recovered some money from the digital investment platform, CryptoBank Exchange (CBEX). Daily Trust had reported how thousands of Nigerians who invested in the digital asset trading platform lost an estimated N1.3 trillion. The digital trading platform which boasted of giving investors 100 per cent Return On Investment in 30 days crashed after the money in their investors’ wallets va…
EFCC Recovers Portion Of Funds From CBEX Ponzi Scheme
The Economic and Financial Crimes Commission (EFCC) has begun recovering funds lost by Nigerian investors in the collapsed digital Ponzi scheme, Crypto Bridge Exchange (CBEX). Ola Olukoyede, the EFCC Chairman disclosed this. Olukoyede revealed that the EFCC apprehended several individuals linked to the scam, while efforts continue to trace others currently evading capture. According to him, a portion of the misappropriated money has been retriev…
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