Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has disclosed that the agency has recovered a significant amount of money in connection with the multi-billion naira cryptocurrency fraud involving the digital investment platform, Crypto Bridge Exchange (CBEX).
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Speaking during a televised interview on Sunday, Olukoyede confirmed that the EFCC has also made arrests linked to the scheme, while several other suspects remain at large.
“We have gone far with CBEX. We have been able to recover a reasonable amount of money,” the EFCC boss stated, noting that the process has been complex due to the nature of the stolen funds being in cryptocurrency.
He explained that although the money was moved through digital wallets, EFCC operatives have successfully traced and frozen some of the illicit funds.
“Even though it was in the crypto wallet, the same way the money was taken from them. There is no way you will get the dollars in cash without necessarily going through the same process,” Olukoyede added.
He revealed that some of the crypto wallets used in the fraud were “non-custodial,” meaning they had no Know Your Customer (KYC) details, which makes tracing their owners more difficult.
“We are still investigating a lot of wallets. The ones they created are called non-custodial wallets. So, you can’t trace them to anybody. From there, they moved the money to wallets in Europe, particularly Eastern Europe — Cambodia was mentioned — and then dispersed the funds.”
Despite these challenges, the EFCC has managed to block some of the wallets before the money was dispersed.
Olukoyede cautioned Nigerians to remain vigilant, warning that some of the perpetrators are still active and continuing to scam unsuspecting victims.
“I even learnt that some of these perpetrators are still operating and Nigerians are still falling victim. I believe people should learn from this,” he said.
CBEX collapsed in April, leaving thousands of Nigerian investors stranded and resulting in reported losses of over ₦1.3 trillion. The crash followed weeks of failed withdrawal attempts and eventually, the disappearance of user account balances.
In a surprise development, CBEX later resumed operations, offering new withdrawal options in an apparent attempt to regain public trust. The platform now allows new users to register, trade, and withdraw profits, though public confidence remains shaken.
Meanwhile, the EFCC has reiterated its commitment to holding all perpetrators accountable and has pledged not to relent until justice is served.
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