EFCC Recovers Funds, Makes Arrests in N1.3 Trillion CBEX Crypto Fraud

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has confirmed progress in the investigation of the N1.3 trillion cryptocurrency fraud linked to the Crypto Bridge Exchange (CBEX) platform.

In a recent interview with TVC, Olukoyede disclosed that the Commission has recovered a portion of the stolen funds and made several arrests. He noted, however, that the digital nature of the scam presents significant challenges.

“We have made substantial progress with CBEX. A reasonable amount of money has been recovered,” Olukoyede said, adding that although the stolen assets were in cryptocurrency, some have been traced and retrieved.

He emphasized the complexity of recovering crypto assets: “You can’t easily convert crypto to cash without going through the same system it was taken from. There’s no direct cash-out like with traditional currency.”

While some suspects are in custody, several others remain at large. “We have made notable arrests but will withhold further details to avoid jeopardizing ongoing investigations. A number of individuals are still on our wanted list,” he added.

One of the main investigative hurdles, according to Olukoyede, is the use of non-custodial wallets by the fraudsters—wallets that do not require identity verification (KYC), making the criminals difficult to trace.

“They moved the funds through non-custodial wallets to accounts in Europe, especially Eastern Europe and Cambodia. We’ve managed to block some wallets before the funds were dispersed,” he explained.

CBEX collapsed in April after users experienced prolonged withdrawal issues and eventually lost access to their accounts. The fallout from the collapse led to an estimated loss of over N1.3 trillion, sparking widespread outrage.

Despite the collapse, reports suggest CBEX has resumed operations, reopening registration and enabling limited transactions, apparently in an attempt to rebuild trust.

Olukoyede warned Nigerians to remain vigilant, noting that some perpetrators remain active. “Sadly, people are still falling victim. We urge Nigerians to be more cautious with digital investment schemes,” he cautioned.