The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has disclosed significant progress in the investigation into the collapsed digital trading platform, Crypto Bridge Exchange (CBEX), which defrauded Nigerian investors of over N1.3 trillion.
Speaking on Monday, Olukoyede revealed that the EFCC has successfully recovered a substantial amount of the stolen funds and arrested some suspects in connection to the high-profile scam. “We have gone far with CBEX. We have been able to recover a reasonable amount of money,” he stated.
He further explained that the stolen funds were primarily in cryptocurrency and stored in non-custodial wallets — digital wallets that don’t require users to verify their identity. This, he said, significantly complicated the investigation as the fraudsters moved the assets to foreign wallets in Europe and Southeast Asia, especially Cambodia.
“So, from the non-custodial wallet, they moved it to some wallets in Europe, Eastern Europe, particularly Cambodia, and from there, they dispersed the money,” Olukoyede added. “We have been able to block some of these wallets where money has not been dispersed.”
The EFCC boss also confirmed that some perpetrators are still at large, and the agency has declared several suspects wanted. He cautioned the public to be vigilant, noting that some Nigerians are still falling victim to similar platforms despite previous warnings.
The CBEX platform, which attracted thousands of investors with promises of high returns, collapsed in April 2025 after users reported repeated withdrawal failures and sudden vanishing of account balances. The Securities and Exchange Commission (SEC) later clarified that CBEX was never registered as a digital investment entity in Nigeria.
In response to the massive fraud, a Federal High Court in Abuja authorized the EFCC to arrest and detain six CBEX promoters over their alleged role in the N1.3 trillion scam. The ruling came after an ex parte application by the EFCC’s counsel, Fadila Yusuf.
The case has sparked widespread outrage on social media and renewed calls for tighter regulation of digital trading platforms in Nigeria.
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