EFCC chases vanishing billions in CBEX crypto scam

DDM News

The Economic and Financial Crimes Commission (EFCC) has traced funds from the failed crypto trading platform, Crypto Bridge Exchange (CBEX), to at least four foreign countries.

This development comes amidst growing public concern over the fate of billions lost by Nigerian investors who put money into the scheme.

According to Diaspora digital media (DDM) CBEX was marketed as a cryptocurrency trading platform that promised high returns and low risks.

It attracted thousands of Nigerian users, many of whom invested their savings and borrowed funds into the scheme.

The platform operated with little transparency and was not registered with the Securities and Exchange Commission (SEC), Nigeria’s capital market regulator.

The SEC later confirmed that CBEX was not licensed to operate in the country, raising alarms about its legitimacy.

In April 2025, reports emerged that CBEX users could no longer withdraw their funds from the platform.

Many victims reported being locked out of their accounts, with support services from the platform going silent.

This sparked public outrage and drew the attention of financial authorities and law enforcement.

In response, the EFCC launched a full investigation into the scheme and its operators.

EFCC Chairman, Ola Olukoyede, appeared on Politics Today, a Channels Television programme, on Wednesday to provide updates.

He revealed that while some progress has been made in the investigation, full restitution to victims may be impossible.

“We have been able to block some accounts,” Olukoyede said during the interview.

“We have frozen a reasonable amount of funds, though I cannot give exact figures at this time,” he added.

He explained that most of the transactions were conducted in cryptocurrency and routed through wallets beyond Nigeria’s jurisdiction.

This, he said, complicates efforts to trace and recover the stolen funds.

“I will not sit here and assure Nigerians that we will be able to restitute every victim,” he admitted.

“Much of the money is no longer in our system,” he added.

“We’ve traced some of it to about four countries already,” Olukoyede disclosed.

According to him, the principal actors behind the CBEX scheme are mostly foreign nationals operating outside Nigeria.

This makes prosecution and asset recovery particularly difficult due to international legal and jurisdictional barriers.

“Our efforts so far have shown some level of proficiency,” he noted.

“We’ve successfully frozen some assets already, despite the cross-border complexities,” he said.

Olukoyede reaffirmed the commission’s commitment to recover whatever is possible.

He assured the public that any recovered funds will be disclosed in due time.

In the course of the investigation, three suspects have been arrested and are currently in EFCC custody.

“We have about three individuals in our custody who have provided useful statements,” he stated.

He also revealed that the EFCC has been working with foreign counterparts and international agencies.

“We have established contact with our foreign counterparts and we have been able to make some inroads,” he said.

In a related move, the EFCC obtained a court order to detain six individuals suspected to be CBEX promoters.

Justice Emeka Nwite of the Federal High Court in Abuja granted the order after an ex parte application by EFCC counsel, Fadila Yusuf.

The suspects are being held over allegations of their role in a $1 billion investment fraud linked to CBEX.

Additionally, the EFCC declared a foreign national, Elie Bitar, wanted in connection with the fraud.

Bitar was said to have played a major role in the CBEX operation and is believed to be on the run.

He joins a growing list of eight Nigerians already declared wanted by the EFCC over the same scheme.

The CBEX case has become one of the largest crypto-related frauds in Nigerian history.

It underscores the risks of unregulated digital investment platforms and the urgency for stronger oversight.

The EFCC continues to investigate the scheme and pursue all leads to bring perpetrators to justice.

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