The EFCC has traced CBEX funds to four countries and rejected full compensation for victims.
Nigeria News Nalin The Economic and Financial Crime Commission (EFCC) said it has traced the proceeds from the CBEX Crypto Bridge Exchange program to at least four countries, noting that full compensation for victims may be impossible.
EFCC Chairman Ola Olukoyede revealed this when he made his appearance on the political scene on Channel TV today. He revealed that the agency has frozen many accounts related to fraudulent schemes and has made significant progress in the ongoing investigation.
“We have been able to block some accounts. We have been able to freeze some funds and I will not be able to give you a number, but some reasonable amount of funds we have been able to freeze.”
He explained that most transactions are conducted in cryptocurrencies and travel through wallets outside Nigeria’s jurisdiction, complicating the recovery efforts.
“I’m not going to sit down and tell you that we’re going to restore every victim. It’s almost impossible because a lot of money has dissipated, not in our system,” he said. “We’ve found three, four countries now. In fact, the main parties behind the entire plan… are mostly foreigners.”
Olukoyede added that three suspects are currently in custody and provided “very useful statements.” He also confirmed working with his foreign counterparts to recover the stolen funds and arrest the suspect.
In April, CBEX users reported that they could no longer obtain funds, triggering widespread complaints. The Securities and Exchange Commission later revealed that the digital trading platform was not registered.
On April 30, the EFCC announced a foreign national Elie Bitar linked to a $1 billion investment scam. The Federal High Court in Abuja also approved the committee’s permission to arrest and detain six CBEX sponsors.
So far, at least eight Nigerians have announced that they are being asked for the plan.
