The Economic and Financial Crimes Commission (EFCC) has commenced recovery of stolen funds from Crypto Bridge Exchange (CBEX), the digital investment platform that collapsed in April. EFCC Chairman Ola Olukoyede disclosed that several arrests have been made as the agency tracks the flow of funds through complex cryptocurrency wallets.
EFCC Chairman Ola Olukoyede disclosed that several individuals connected to the CBEX scam have been apprehended, while the hunt continues for others still on the run. He confirmed that a portion of the stolen funds has been recovered. “We’re being cautious about disclosing too much detail to not jeopardize the process. We still have several persons on our wanted list,” he added.
CBEX enticed Nigerians with promises of 100% returns within 30 days, using seminars and polished presentations, often featuring individuals posing as capital market experts.Behind the scenes, the operation was being run by foreign masterminds, aided by local collaborators. Many investors watched their account balances vanish after withdrawal restrictions began on 9 April 2025.’
Olukoyede revealed that the EFCC has been tracing the movement of funds through intricate layers of cryptocurrency wallets. “Even though in the crypto wallet, the same way the money was taken from them, there is no way you will get them in dollars. There is no way you get the dollars in cash without necessarily going through the same process,” he explained.
He noted that the fraudsters made use of non-custodial, anonymous wallets that are not subject to Know Your Customer (KYC) regulations, which makes it challenging to trace the final recipients. “We are still investigating a lot of wallets, and the wallets they created are called non-custodial wallets, in other words, no KYC. So, you can’t trace it to anybody,” he said.
According to Olukoyede, the stolen funds were routed through Europe, with Eastern Europe,particularly Cambodia,emerging as a major destination. “From the noncustodial wallet, they moved it to some wallets in Europe, Eastern Europe, particularly Cambodia and from there, they dispersed the money. We have been able to block some of these wallets where money has not been dispersed.”
The EFCC has issued a strong warning to the public to remain vigilant. “I even learnt that there are still some of these perpetrators and Nigerians are still falling victim. I believe people should learn from this,” Olukoyede cautioned.
Investigations are still underway as the Commission continues to unravel CBEX’s network and closely monitors the blocked wallets for any signs of activity. For now, efforts to recover stolen funds and bring the culprits to justice remain in full force.
