EFCC Recovers Funds from N1.3 Trillion CBEX Crypto Scam, Makes Key Arrests

The Economic and Financial Crimes Commission (EFCC) has made a breakthrough in its investigation into the massive N1.3 trillion cryptocurrency scam operated through the now-defunct Crypto Bridge Exchange (CBEX).

In a statement released on Monday, the commission confirmed it has successfully recovered part of the stolen funds and arrested several individuals linked to the fraudulent scheme.

EFCC Chairman Ola Olukoyede revealed that funds traced from the scam have been located in accounts across four countries, including the United Arab Emirates, Malta, Singapore, and Cyprus.

The commission is working in collaboration with INTERPOL and international financial intelligence units to freeze assets and track the movement of the funds.

Several bank accounts and cryptocurrency wallets have already been frozen as part of the operation.

Among those arrested are Adefowora Abiodun Olanipekun, Emmanuel Uko, and four others alleged to be key promoters of the CBEX platform.

Operating under the company name ST Technologies International Limited, the suspects are accused of luring unsuspecting Nigerians with promises of 100% returns on crypto investments within 30 days.

The Federal High Court in Abuja granted an order for their arrest and detention pending the conclusion of investigations.

The scam has affected more than 50,000 investors, many of whom reportedly invested their life savings or borrowed funds in hopes of quick returns.

The Securities and Exchange Commission (SEC) has clarified that CBEX was never registered with the commission and warned the public to avoid dealing with unlicensed investment platforms.

The EFCC has warned that while efforts to recover funds are ongoing, full restitution may prove difficult due to the international scope of the operation and the anonymity of blockchain transactions.

Nonetheless, the commission has pledged to pursue all leads and ensure that justice is served.

The case has sparked widespread concern about the rise of crypto-related frauds in Nigeria. The EFCC has urged the public to exercise caution and always verify the registration status of any investment platform before committing funds.

Further arrests and asset seizures are expected as the investigation continues to unfold.