EFCC Recovers Part of N1.3 Trillion Lost to CBEX Crypto Scam

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has revealed that the agency has recovered part of the funds looted through the collapsed Crypto Bridge Exchange (CBEX), a fraudulent digital investment platform accused of defrauding Nigerians of over ₦1.3 trillion.

Speaking in an interview with TVC on Sunday, Olukoyede confirmed that multiple arrests have been made, while others connected to the scheme remain on the run.

“We have made significant progress. Several arrests have been made, though we’re holding back some information to avoid jeopardizing ongoing investigations,” he said.

Olukoyede noted the challenges posed by tracing stolen funds through cryptocurrency channels. The fraudsters exploited non-custodial wallets—digital wallets that lack Know Your Customer (KYC) verification—which has made tracking ownership and movements of funds particularly difficult.

“These wallets don’t require identity verification, making it hard to link them to specific individuals,” he explained. “From these wallets, they moved the funds across borders, particularly to locations in Eastern Europe such as Cambodia.”

Despite the complexities, Olukoyede said the EFCC had been able to intercept and block several wallets before the funds were completely dispersed. However, converting the digital assets back into naira or dollars remains a technical and legal challenge.

“Even though we’ve found the crypto assets, retrieving them in physical cash is not straightforward,” he added.

The EFCC boss warned that, despite the platform’s public collapse earlier this year, some Nigerians are still falling for similar crypto scams.

“I’m told some of these fraudsters are still deceiving unsuspecting Nigerians. It’s unfortunate that even with all the warnings, people are still falling victim,” he said.

CBEX, which gained widespread popularity among Nigerian investors, crashed in April after users began experiencing failed withdrawals and missing account balances. The scam triggered public outcry and prompted urgent investigations.

Olukoyede also revealed that the EFCC, under the leadership of President Bola Tinubu, is working in collaboration with international partners to bring the culprits to justice and recover more of the stolen funds.