…Investigation ongoing as Commission refrains from disclosing recovered amount
The Economic and Financial Crimes Commission (EFCC) has confirmed the recovery of a portion of the funds lost to the now-defunct Crypto Bridge Exchange (CBEX), a digital Ponzi scheme that defrauded thousands of Nigerian investors.
EFCC Chairman, Mr Ola Olukoyede, disclosed this while addressing journalists, noting that the Commission has apprehended several suspects linked to the fraudulent scheme, with efforts underway to track down others still at large.
“We have made significant progress on the CBEX case. A reasonable sum has already been recovered,” Olukoyede said. However, he declined to reveal the specific amount retrieved, citing the sensitive and ongoing nature of the operation. “We’re being cautious about disclosing too much detail so as not to jeopardise the process. We still have several persons on our wanted list,” he added.
CBEX, operated by a network of foreign nationals and local collaborators, collapsed in April 2025 after promising investors 100 percent returns within 30 days through a cryptocurrency trading platform. The scheme reportedly caused losses estimated at over N1.3 trillion.
Crypto Complexities Hamper Full Recovery
Olukoyede highlighted the challenges associated with converting recovered digital assets into fiat currency, especially US dollars.
“These funds were stolen in crypto form, and retrieving the equivalent value in cash involves complex processes. You cannot convert crypto to dollars without going through the same channels used to extract the funds,” he explained.
He added that the EFCC is working closely with relevant stakeholders while investigating multiple digital wallets linked to the scheme.
Web of Deception
Preliminary investigations reveal that CBEX recruited Nigerians to lure unsuspecting victims, leveraging promotional events and staged seminars to project legitimacy.
“Many of the principal actors were foreigners who recruited locals to act as intermediaries. From our investigation, we are beginning to understand who knew what, and when,” the EFCC Chairman said.
He further disclosed that professionals, including a PhD holder in capital markets, were enlisted to speak at these events, lending an air of credibility to the operation. The Commission has secured video evidence of such gatherings as part of its investigation.
How the Scam Unfolded
The CBEX platform abruptly suspended withdrawals on April 9, 2025. While many users initially attributed the disruption to technical issues, their account balances soon disappeared. In a further blow, users were instructed to deposit additional funds—$100 to reactivate frozen accounts, and up to $200 for balances exceeding $1,000.
The EFCC has since warned the public against falling prey to unregulated investment schemes that promise unrealistic returns.
“As investigations continue, we urge Nigerians to remain vigilant and avoid platforms that operate outside the purview of financial regulators,” Olukoyede cautioned.
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