The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr. Ola Olukoyede, has said that the agency has recovered part of the stolen funds linked to the failed digital platform, Crypto Bridge Exchange (CBEX). According to Olukoyede, the anti-graft body has also arrested several suspects connected to the massive N1.3 trillion cryptocurrency fraud.
Speaking in an interview with TVC on Sunday, Olukoyede noted that the EFCC has made important progress in tracking the digital transactions involved in the scam. He explained that while the funds were taken through cryptocurrency platforms, investigators have still managed to trace and retrieve some of the money.
“We have gone far with CBEX. We have been able to recover a reasonable amount of money,” Olukoyede stated.
The EFCC boss explained that getting the money out of crypto wallets and converting it back to cash presents many challenges. Since the funds were moved using digital wallets, including non-custodial types without linked identities, tracing the final recipients has been complex.
“Even though in the crypto wallet, the same way the money was taken from them. There is no way you will get them in dollars. There is no way you get the dollars in cash without necessarily going through the same process,” he said.
He also confirmed that some arrests have been made, while others connected to the fraud are still being hunted by the commission. “We have gone far. We have made a reasonable arrest,” he added.
Olukoyede noted that the EFCC has blocked several wallets where funds had not yet been moved. He explained that many of the wallets used by the fraudsters were located in parts of Europe and Asia, especially Cambodia, making the investigation more difficult.
“We are still investigating a lot of wallets and the wallets they created are called noncustodian wallets; in other words, no KYC. So, you can’t trace it to anybody,” he said.
“So, from the noncustodial wallet, they moved it to some wallets in Europe, Eastern Europe, particularly Cambodia and from there, they dispersed the money. We have been able to block some of these wallets where money has not been dispersed.”
The EFCC Chairman also warned that some of the scammers remain active and that unsuspecting Nigerians are still falling for similar crypto schemes. “I believe people should learn from this,” he said.
CBEX was reported to have shut down operations in April, causing panic among its users. Many investors said they lost their life savings after the platform became inaccessible, and their balances disappeared. This led to widespread outrage, particularly on social media.
