The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has announced that the agency has recovered part of the funds lost to the Crypto Bridge Exchange (CBEX) scam and has made several arrests in connection with the case.
Speaking during an interview with TVC on Sunday, Olukoyede disclosed that the EFCC has made significant strides in its investigation into the collapsed digital investment platform, which defrauded thousands of Nigerians.
“We have gone far with CBEX. We have been able to recover a reasonable amount of money,” he stated.
Olukoyede explained that although the stolen funds were moved through cryptocurrency channels, the EFCC was able to trace and retrieve some of the assets. However, he noted that converting the digital assets back to cash—especially in dollars—has been difficult due to the complex nature of crypto transactions.
“There’s no way you get the dollars in cash without going through the same crypto process. Even though we recovered the money from crypto wallets, the recovery process mirrors how the funds were initially siphoned,” he said.
The EFCC chairman confirmed that several suspects have already been arrested, while others remain at large. He declined to reveal further operational details to avoid compromising ongoing efforts.
“We are still after a number of individuals we’ve declared wanted. We’re making progress, but we don’t want to jeopardize the investigation,” he said.
Olukoyede highlighted the challenges investigators face, especially due to the use of “non-custodial wallets”—crypto wallets without Know Your Customer (KYC) verification—which allow transactions without linking them to specific identities.
“These wallets make it nearly impossible to trace ownership. From these non-custodial wallets, the scammers transferred the funds to wallets based in Europe, especially Eastern Europe and Cambodia. From there, the money was dispersed,” he explained.
Despite these hurdles, the EFCC has managed to block some wallets containing undistributed funds, preventing further losses.
Olukoyede warned that some perpetrators are still active and cautioned Nigerians against falling victim to similar schemes.
“I’ve learned that some of these individuals are still out there, and Nigerians are still getting duped. I urge people to learn from this experience,” he said.
CBEX collapsed in April 2025, reportedly wiping out over ₦1.3 trillion in investors’ funds. The platform became inaccessible after users faced withdrawal issues and eventually saw their account balances vanish.
The crash sparked widespread outrage, particularly on social media, where victims expressed frustration and demanded action.
Despite the scandal, The PUNCH has learned that CBEX quietly resumed operations in recent weeks, offering new users the ability to register, trade, and withdraw profits—an attempt seemingly aimed at regaining investor trust.
The EFCC continues its investigation and has reaffirmed its commitment to ensuring justice for victims and bringing all involved to book.
