The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has confirmed that the agency recovered part of the funds stolen by Crypto Bridge Exchange (CBEX), a digital investment platform. He also revealed that the EFCC arrested several suspects linked to the crypto scam.
Olukoyede shared this update during a Sunday interview with TVC. He stated that the commission had made strong progress in its investigation into CBEX, which reportedly defrauded many Nigerians.
“We have gone far with CBEX. We have recovered a reasonable amount of money,” Olukoyede said.
He explained that although the funds were stolen through cryptocurrency, the EFCC successfully traced and recovered some of them. However, he pointed out that converting the crypto funds back into cash, especially U.S. dollars, required a complex process similar to how the money was originally moved.
“Even though the money was taken through a crypto wallet, you can’t just turn it into dollars without following the same crypto path,” he said.
The EFCC chairman confirmed that some suspects are already in custody, while the agency continues hunting down others still on the run.
“We’ve made significant arrests. But, sadly, some Nigerians are still falling for such scams,” Olukoyede warned.
In April, CBEX suddenly shut down, causing over N1.3 trillion in investor losses. Users had trouble withdrawing their funds, and soon after, their account balances disappeared completely. The collapse sparked outrage on social media, where many victims voiced their frustration and fears.
Surprisingly, CBEX later resumed operations. The platform quietly reopened, allowing new users to register, trade, and withdraw profits. This move seems to be an attempt to win back trust, despite the major scandal.
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