In a significant development, Adefowora Abiodun Olanipekun, a principal promoter of the collapsed cryptocurrency investment platform Crypto Bridge Exchange (CBEX), has voluntarily surrendered to the Economic and Financial Crimes Commission (EFCC). This comes in the wake of a Federal High Court order authorizing the arrest and detention of six individuals linked to the alleged $1 billion fraud that defrauded over 600,000 Nigerians.
CBEX, operating under the guise of ST Technologies International Limited, lured investors with promises of 100% returns within 30 days through purported AI-driven cryptocurrency trading. The scheme exploited official-looking certifications from the Corporate Affairs Commission (CAC) and the EFCC’s Special Control Unit Against Money Laundering (SCUML) to project legitimacy. However, investigations revealed that these certifications were misused, as CBEX was neither registered nor licensed to operate as a financial institution in Nigeria.CONTINUE READING
On April 24, 2025, Justice Emeka Nwite of the Federal High Court in Abuja granted the EFCC’s request to arrest and detain six CBEX promoters, including Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. The court’s decision was based on an ex parte motion filed by the EFCC, which presented evidence of the suspects’ involvement in the fraudulent scheme.
The EFCC’s preliminary investigations uncovered that the suspects, through ST Technologies, promoted CBEX by advertising and persuading unsuspecting members of the public to invest in cryptocurrencies on the CBEX platform. Victims were instructed to convert their digital assets into USDT (a stablecoin) for deposit into the suspects’ crypto wallets.
The collapse of CBEX has sparked outrage among the Nigerian public, with many victims expressing frustration over the loss of their investments. Critics have also questioned the role of regulatory bodies in preventing such schemes, emphasizing the need for stricter oversight and public awareness campaigns to protect investors from fraudulent platforms.
In response, the EFCC has reiterated its commitment to investigating and prosecuting those involved in the CBEX scheme. The commission has also emphasized the importance of due diligence by investors and has urged the public to be cautious of investment opportunities that promise unrealistic returns
