US EditionCBEX: EFCC traces monies to four countries, moves to recover stolen funds
- On April 30, 2025, Nigeria's EFCC announced investigations into the Crypto Bridge Exchange fraud involving Kenyan suspects linked to a $840 million scam.
- The fraud emerged from CBEX posing as a legitimate crypto platform that collapsed as a Ponzi scheme, defrauding investors in Nigeria, Kenya, and Egypt.
- EFCC traced fraudulent transactions routed through multiple countries, froze several accounts, and arrested three suspects who have cooperated with investigators.
- EFCC chairman Ola Olukoyede stated, "a reasonable amount of funds have been frozen," but warned full restitution might be impossible due to jurisdictional limits.
- The commission declared foreign national Elie Bitar wanted, urging the public to report information via EFCC zonal offices to aid recovery and prosecution efforts.
22 Articles
22 Articles
CBEX: EFCC traces monies to four countries, moves to recover stolen funds
The Economic and Financial Crimes Commission, EFCC, has disclosed that the agency has traced funds linked to the failed crypto bridge exchange, CBEX, scheme to at least four countries. EFCC chairman, Ola Olukoyede, stated this while speaking on Politics Today, a Channels Television programme, on Wednesday. Olukoyede said although efforts are underway to recover the stolen funds, full restitution to victims may be impossible. According to him, se…
Foreigner declared wanted by EFCC over CBEX investment fraud
The Economic and Financial Crimes Commission (EFCC) has declared Elie Bitar, a foreign national, wanted for his alleged involvement in cryptocurrency fraud on the online trading platform Crypto Bridge Exchange, also known as CBEX. The 41-year-old foreigner is wanted for a suspected fraudulent scheme carried out via CBEX, according to an official bulletin issued by the commission on Wednesday, April 30, 2025. Hundreds of unsuspecting victims acro…
EFCC Says CBEX Money Traced to 4 Countries, Full Recovery Not Guaranteed
The Economic and Financial Crimes Commission (EFCC) has found that money linked to the failed crypto platform, CBEX, has been moved to at least four different countries.Speaking during an interview on Channels Television on Wednesday night, EFCC Chairman Ola Olukoyede said the agency is working hard to recover the stolen money. However, he warned that … The post EFCC Says CBEX Money Traced to 4 Countries, Full Recovery Not Guaranteed appeared fi…
Nigeria Seeks Foreign National Over ₦1.2 Trillion CBEX Crypto Fraud
EFCC declares Elie Bitar wanted in a ₦1.2 trillion CBEX crypto fraud case affecting 600K investors. Nigeria’s SEC confirmed CBEX was unregistered; promised 100% monthly ROI. A court approved the arrest of 6 CBEX promoters in broader $1B fraud probe. The Economic and Financial Crimes Commission (EFCC) of Nigeria has declared Elie Bitar, a foreign national, wanted in connection with a massive crypto investment fraud. The scheme ran through the now…
CBEX Funds in Four Nations, Total Recovery Not Feasible – EFCC
EFCC Chairman Ola Olukoyede, a lawyer, said during a Wednesday night appearance on Channels Television that while attempts to retrieve the misappropriated funds are ongoing, complete reimbursement to the victims might not be achievable. According to him, several accounts have been blocked and funds frozen, although the amounts cannot be disclosed yet. He said most of the transactions were conducted in cryptocurrency and routed through wallets be…
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