EFCC intensifies crackdown on collapsed CBEX crypto Ponzi scheme, recovering funds and hunting suspects behind Nigeria’s N1.3 trillion loss.
The Economic and Financial Crimes Commission (EFCC) has confirmed progress in its investigation into the Crypto Bridge Exchange (CBEX) Ponzi scheme that collapsed in April, reportedly wiping out N1.3 trillion in investor funds.
Partial Recovery Achieved
EFCC Chairman Ola Olukoyede told TVC News on Sunday that:
“We have gone far with CBEX. We have been able to recover a reasonable amount of money.”
However, he did not disclose the exact figure, citing ongoing efforts and the sensitive nature of the investigation.
Challenges in Crypto Recovery
Olukoyede explained the difficulty of converting stolen crypto assets into cash, emphasizing:
“There’s no way you get the dollars in cash without necessarily going through the same process.”
The EFCC is still investigating multiple crypto wallets and has declared several individuals wanted in connection to the fraud.
How the CBEX Scam Operated
The scam was led by foreign operators who partnered with Nigerians to build trust and recruit investors through:
1. Seminars and conferences
2. Use of professionals, including a PhD capital market specialist
3. Promises of 100% returns in 30 days
CBEX lured victims into depositing money for crypto-based trading. After withdrawals were restricted on April 9, user balances disappeared, and victims were told to deposit more money (up to $200) to regain access.
Olukoyede has promised that the EFCC will not relent until justice is served and more funds are retrieved for Nigerian victims.
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