CBEX funds traced to 4 countries in $1B scam by EFCC
The monumental step has been achieved by the Economic and Financial Crimes Commission (EFCC) in the investigation of the collapsed Crypto Bridge Exchange (CBEX) as stolen funds have been traced to at-least four countries. This was announced by EFCC Chairman Ola Olukoyede during an interview on Channels Television’s Politics Today, on May 1, 2025. It throws some shadow on the 1 billion dollars of cryptocurrency that swindled many thousands of Nigerians.
Olukoyede warned that full restitution of funds may be impossible because of the international nature of the scheme, notwithstanding retrieval efforts. This article examines the EFCC outcomes, the obstacles that may remain, and the effects on the victims of the CBEX-fraud.
In search of CBEX funds across the globe
Investigation by the EFCC indicates that CBEX is not a registered digital platform by virtue of which the scam ran through at least four countries-the complication in recovery. Olukoyede further said the agency had frozen certain assets and blocked accounts linked with the scheme without mentioning how much has been recovered.
EU Directives french
The Economic and Financial Crimes Commission (EFCC) made a breakthrough in its investigation into collapsed Crypto Bridge Exchange (CBEX) tracing stolen funds to at least four countries. This was announced on May 1, 2025, by EFCC chairman Ola Olukoyede during an interview on Channels Television’s Politics Today. It brightens the shady fate of the $1 billion cryptocurrency fraud against thousands of Nigerians.
While efforts are underway to recover part of the fund, he cautioned that it was impossible that full restitution would happen, given that the scheme goes as global as it was. This article looks at the EFCC findings, what lies ahead, and the impact on victims of the CBEX fraud.
EFCC’s worldwide hunt for CBEX funds
According to the EFCC findings, this scammed fund was earmarked for at least four countries outside Nigeria because it is an unregistered digital trading platform. Olukoyede said the agency has not indicated the amount recovered but that certain assets have been frozen and accounts blocked that are linked to the scheme.
facebook sharing buttontwitter sharing buttonwhatsapp sharing buttontelegram sharing buttonsharethis sharing button
The Economic and Financial Crimes Commission (EFCC) has made breakthroughs in the investigation of the collapsed Crypto Bridge Exchange (CBEX). They traced stolen funds to at least four countries. This was announced by EFCC Chairman Ola Olukoyede during an interview on Channels Television’s.
Challenges of Recovering Stolen Funds
The international nature of the CBEX fund recovery poses significant challenges. Olukoyede made it clear that the first culprits are appreciated to be foreign nationals, adding complications to any legal processes trying to cross jurisdictions.
Although assets were frozen, the EFCC has found difficulties owing to the tracking of all transactions, considering a big chunk of the money was transferred through digital wallets with no so-called physical presence in Nigeria. Many investors disregarded the warnings issued by the agency in March 2025 about Ponzi schemes, raising awareness among the public.
Their recoveries are assisted by Interpol and other international agencies, with Olukoyede, however, saying that “full restitution to victims may be impossible.” Investors feel this is frustrating, and some stormed the CBEX offices in Ibadan, Oyo State, in April, looting in protest. Meanwhile, the agency continues to appeal to victims for information to support the investigation.
Join Our Social Media Channels:
WhatsApp: NaijaEyes
Facebook: NaijaEyes
Twitter: NaijaEyes
Instagram: NaijaEyes
TikTok: NaijaEyes
