The Economic and Financial Crimes Commission (EFCC) has announced that it has traced funds linked to the collapsed Crypto Bridge Exchange (CBEX) scheme to at least four countries. Despite freezing several accounts, the EFCC has stated that full restitution to victims may be “practically impossible.”​
CBEX, a digital trading platform, was accused of operating a Ponzi scheme that defrauded thousands of Nigerian investors. The platform promised high returns on digital asset trades before disappearing with investors’ funds. The EFCC launched an investigation in collaboration with INTERPOL and other international agencies to trace and recover the stolen funds.​….CONTINUE READING
EFCC Chairman Ola Olukoyede revealed that investigators had traced CBEX-related funds to at least four countries. Most of the illicit transactions were conducted in cryptocurrency and routed through wallets outside Nigeria’s jurisdiction. While some accounts have been blocked and funds frozen, the EFCC emphasized the difficulty in recovering all the money lost.​
Olukoyede acknowledged that full restitution to victims may be “practically impossible” due to the dissipated nature of the funds and the involvement of foreign entities. He noted that many of the principal parties behind the scheme are foreigners not within Nigeria’s jurisdiction, complicating recovery efforts.​
The Federal High Court in Abuja has granted the EFCC’s request to arrest six CBEX promoters over a $1 billion investment fraud allegation. Additionally, the EFCC has declared Elie Bitar, a foreign national, wanted over his alleged role in the fraud. Bitar joins eight other Nigerians previously declared wanted by the agency for promoting the scheme.​
While the EFCC continues its efforts to trace and recover the stolen funds, the complexities of international jurisdiction and the nature of cryptocurrency transactions present significant challenges. Investors affected by the CBEX scheme are advised to stay informed through official channels for updates on the recovery process.
