EFCC Uncovers N1.3 Trillion CBEX Crypto Scam, Arrests Suspects as Shocking Details Emerge

The Economic and Financial Crimes Commission (EFCC) has made significant strides in its investigation of the collapsed Crypto Bridge Exchange (CBEX), recovering part of the stolen funds and arresting several suspects linked to the N1.3 trillion cryptocurrency fraud that rocked Nigeria’s digital investment space.

CBEX, a platform once widely promoted for its crypto investment opportunities, crashed in April 2025 after users complained of failed withdrawals and eventual loss of access to their accounts. The crash triggered widespread outrage, with thousands of Nigerians counting their losses in what has become one of the country’s largest crypto-related scams.

Speaking during an interview on TVC, EFCC Chairman Ola Olukoyede disclosed that the Commission has traced and recovered a “reasonable amount of money” tied to the scam, despite the complex nature of cryptocurrency transactions.

“We have gone far with CBEX. We have been able to recover a reasonable amount of money,” Olukoyede said.

He explained that while most of the stolen assets were stored in crypto wallets, the EFCC was able to freeze some wallets before funds were dispersed across borders.

“Even though it’s in the crypto wallet, the same way the money was taken from them, there is no way you will get it in dollars. There is no way you get the dollars in cash without necessarily going through the same process,” he added.

Olukoyede confirmed that several arrests have already been made, with the Commission still tracking additional suspects, some of whom have been declared wanted.

“We have made reasonable arrests. We are not going to give out much because we don’t want the process to be disrupted. We are still after quite a number of people we have declared wanted,” he stated.

One of the biggest challenges for the Commission has been the anonymity provided by non-custodial wallets used by the scammers. These types of wallets don’t require identity verification, making it difficult for authorities to trace the culprits.

“The wallets they created are called non-custodial wallets. In other words, no KYC. So, you can’t trace them to anybody,” Olukoyede explained. “From the non-custodial wallets, they moved the money to wallets in Europe, Eastern Europe, particularly Cambodia, and from there, they dispersed the funds.”

He further revealed that the EFCC has managed to block some wallets that had not yet dispersed funds. However, the trail has grown cold in cases where the money had already been moved.

Despite the damage caused by CBEX’s crash, reports indicate that the platform has resumed operations quietly, reopening its portal for new registrations, trades, and withdrawals — a move seen by many as a last-ditch effort to lure fresh victims.

Olukoyede urged Nigerians to be more vigilant and avoid schemes promising unrealistic returns, noting that many of the perpetrators remain at large and are likely still targeting unsuspecting citizens.

“I even learnt that there are still some of these perpetrators and Nigerians are still falling victim. I believe people should learn from this,” he warned.

The CBEX saga has become a cautionary tale about the dangers of unregulated digital investment platforms in Nigeria, especially those operating without transparency, accountability, or traceable identities. The EFCC says investigations are still ongoing, and more arrests are expected.

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