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EFCC Recovers Funds, Makes Arrests in CBEX Crypto Fraud Case

Written by Jerry Alomatu on May 26, 2025

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The Economic and Financial Crimes Commission (EFCC) has confirmed the recovery of funds linked to the collapsed cryptocurrency investment scheme, Crypto Bridge Exchange (CBEX), and announced arrests tied to the case.

The agency’s chairman, Ola Olukoyede, disclosed the developments during a recent televised interview, where he outlined progress made in investigating the massive fraud that left many Nigerian investors reeling from financial losses.

CBEX, which abruptly ceased operations in April, is alleged to have defrauded users of over ₦1.3 trillion. The platform’s sudden shutdown followed weeks of failed withdrawal attempts, eventually leading to the disappearance of user account balances and a storm of public outrage.

EFCC investigators have managed to recover part of the stolen funds, despite the challenges posed by the scheme’s use of cryptocurrencies and anonymous, non-custodial wallets. These wallets, which lack verifiable user identities, have complicated the tracing process. Nevertheless, some of the digital assets have been tracked and partially reclaimed.

Authorities revealed that some of the siphoned funds were moved through wallets based in Eastern Europe and Cambodia, but EFCC operatives were able to intercept and freeze several accounts before the funds were fully dispersed.

Several suspects have been apprehended, while the agency continues to pursue others still at large. The EFCC has not disclosed detailed information to avoid compromising ongoing operations.

Although CBEX recently resumed limited functionality—allowing new users to register and perform withdrawals—the commission has cautioned the public against further engagement with the platform, citing ongoing investigations and the potential for continued fraud.