Olukoyede made the revelation during a televised interview on Sunday with TVC News, where he gave an update on the EFCC’s ongoing investigation into the multi-billion naira cryptocurrency fraud
By Titilope Adako
Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has disclosed that the Commission has recovered funds and made arrests in connection with the collapsed digital investment platform, Crypto Bridge Exchange (CBEX), which left thousands of Nigerian investors stranded earlier this year.
Olukoyede made the revelation during a televised interview on Sunday with TVC News, where he gave an update on the EFCC’s ongoing investigation into the multi-billion naira cryptocurrency fraud.
“We have gone far with CBEX. We have been able to recover a reasonable amount of money,” he said.
KoikiMedia recalls that CBEX drew nationwide outrage in April after users complained of being unable to withdraw their funds. The crash, which also saw account balances wiped out, is believed to have caused losses exceeding ₦1.3 trillion.
Olukoyede assured the public that the Commission is committed to unravelling the full extent of the scam, despite the challenges posed by the use of cryptocurrency.
“Even though the stolen money was in crypto wallets, the same way it was taken from victims, that’s the same way we had to follow it. There is no way you will get the money in cash or dollars without going through those same processes,” he said.
He explained that the fraudsters behind the scheme tried to cover their tracks by using non-custodial wallets, which do not require user verification, making it harder to trace transactions.
“We are still investigating a lot of these wallets. They created what we call non-custodian wallets—meaning there’s no KYC (Know Your Customer). From there, they moved funds to Eastern Europe, especially Cambodia, and dispersed the money,” he said.
Despite these efforts to evade detection, Olukoyede confirmed that the Commission has successfully blocked some of the wallets and arrested several suspects.
“We are still on the trail of others. We are not going to give out too much information so as not to jeopardise the ongoing operation. But yes, some of them are already in custody,” he added.
He expressed worry that some Nigerians are still falling victim to ongoing schemes linked to the same fraudsters, even as CBEX reportedly resumed limited operations and opened fresh user registrations.
Olukoyede warned the public to stay vigilant and avoid unregulated financial platforms that promise unrealistic returns.
“People should learn from this. There is no miracle in investment. If it sounds too good to be true, it probably is,” he said.