EFCC recovers N1.3trn from CBEX cryptocurrency fraud

According to the chairman of the anti-graft agency, Mr. Ola Olukoyede, arrests have been made in connection with the CBEX fraud and that the EFCC has made significant progress in its investigation into the cryptocurrency scam that defrauded many Nigerians.

“We have made significant progress with CBEX. We have been able to recoup a fair sum of money,” he stated.

Although the stolen funds were in cryptocurrency, the EFCC was able to trace and recover a portion. However, Olukoyede noted that converting the funds back into cash has been difficult due to the complex nature of crypto transactions.

He explained that the fraudsters used non-custodial wallets, which lack identifying information, making them difficult to trace. “From these wallets, the funds were transferred to several others, including some in Europe and Cambodia. We have managed to block a few where the funds had not yet been distributed,” he added.

Several suspects have been arrested, while others remain at large. “We don’t want to disrupt the investigation, so we’re withholding further details. We’re still pursuing a number of individuals on our wanted list,” he said.

The reported investor losses exceeded N1.3 trillion when CBEX collapsed in April. Users initially faced withdrawal issues, followed by a sudden loss of account funds, rendering the platform inaccessible.

Despite the controversy, CBEX has quietly resumed operations, allowing new users to register, trade, and withdraw funds.