In a major breakthrough, the Economic and Financial Crimes Commission (EFCC) has announced the partial recovery of funds siphoned through the now-defunct digital investment platform, CryptoBank Exchange (CBEX). The platform, which lured thousands of unsuspecting Nigerians with promises of 100% Return on Investment (ROI) in just 30 days, collapsed spectacularly—leaving investors devastated and over ₦1.3 trillion vanished.
Speaking on TVC, EFCC Chairman Ola Olukoyede confirmed that arrests have been made and funds recovered, though investigations remain ongoing. “We’ve made significant arrests and recovered a reasonable amount. But we won’t disclose too much to avoid jeopardizing ongoing operations,” he stated.
Olukoyede revealed that the suspects used sophisticated tactics—including non-custodial crypto wallets with no identity links—making it difficult to trace transactions. “From these anonymous wallets, they moved the funds to Europe and Asia, especially Cambodia. We’ve managed to freeze some of the accounts before the money was dispersed,” he explained.
Despite the complexity, EFCC’s cyber team has made commendable progress, tracking the stolen cryptocurrency through a labyrinth of digital transactions and international wallets.
In a chilling warning, Olukoyede urged Nigerians to stay vigilant, noting that some fraudsters linked to CBEX are still at large—and alarmingly, some are still scamming new victims.
EFCC’s partial fund recovery is a glimmer of hope for victims, but the chase continues. The CBEX scandal remains one of the largest crypto frauds in Nigerian history—and the hunt for the masterminds is far from over.
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