Court Issues Arrest Warrant for 6 Who Carried out $ 1 billion CBEX Crypto Currency Heist
A Federal High Court Abuja has issued arrest warrants for six individuals accused of orchestrating a massive $1 billion cryptocurrency investment scam through the now-defunct platform, Crypto Bridge Exchange (CBEX).
Justice Emeka Nwite granted the order Thursday following a request by the Economic and Financial Crimes Commission (EFCC).
The EFCC alleges that Adefowora Abiodun Olanipekun, Emmanuel Oku, and four other defendants used a company named ST Technologies to lure Nigerian investors into the fraudulent scheme, promising exorbitant returns.
The Commission is seeking to prosecute the suspects under the Administration of Criminal Justice Act.
During the court proceedings, EFCC counsel, Fadila Yusuf, detailed how ST Technologies promoted CBEX, advertising returns as high as 100% to entice unsuspecting individuals to deposit cryptocurrencies into the platform.
She emphasized the international scope of the fraud, noting that funds were not held within Nigerian banks, complicating the investigation. Yusuf explained that victims transferred their digital assets into the stablecoin USDT, which was then diverted into wallets controlled by the accused.
The situation escalated on April 9, 2025, when CBEX restricted withdrawals, initially dismissed by many users as a temporary issue. However, account balances subsequently vanished, revealing the scheme’s fraudulent nature. In a particularly audacious move, CBEX then demanded additional deposits 100 for accounts holding less than 1,000, and $200 for larger balances – as a “verification fee” to regain access, a tactic some new users fell for despite warning signs.
The EFCC is seeking a Red Notice from Interpol to facilitate the arrest and extradition of the suspects. The Commission argued that despite ST Technologies’ registration with the Corporate Affairs Commission (CAC), it lacked the necessary licensing from the Securities and Exchange Commission (SEC) to operate as an investment platform.
Furthermore, the EFCC clarified that registration with the Special Control Unit against Money Laundering (SCUML) does not automatically grant a company the authority to operate investment services.
The unfolding case comes amid broader concerns regarding the safety of cryptocurrency investments in Nigeria. The House of Representatives recently cautioned celebrities and public figures against promoting unregistered investment platforms. Concurrently, the EFCC has pledged to recover lost investments in separate cryptocurrency fraud cases, including a N1.3 trillion scam involving Crypto Bank Exchange, promising collaboration with international law enforcement agencies.
This case serves as a stark warning to investors about the risks associated with unregulated cryptocurrency platforms and highlights the EFCC’s ongoing efforts to combat financial fraud in the digital space.
