EFCC Recovers Significant Funds From N1.3Trn CBEX Scam -Olukoyede
By Anne Osemekeh, Abuja
The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Ola Olukoyede, has revealed that the agency has recovered some money from the digital investment platform Crypto Bridge Exchange trading (CBEX) platform.
In an interview with TVC on Sunday, the anti-graft agency’s boss also revealed that it has made arrests in connection with the CBEX fraud.
Following the platforms collapse last month, investors were left with losses to the tune of over N1.3 trillion as it became inaccessible after they faced repeated withdrawal issues, which were soon followed by the sudden disappearance of their account balances. The incident, triggered widespread reactions, especially on social media, where users have voiced their anger, concerns, and disappointment.
Olukoyede revealed that the EFCC has made significant progress in its investigation into the crypto scheme that scammed many Nigerians, adding that although the stolen money was in cryptocurrency, the EFCC has managed to trace and recover part of it.
However, he noted that converting the funds back to dollars in cash was not easy because it required going through similar crypto processes.
“Even though in the crypto wallet, the same way the money was taken from them. There is no way you will get them in dollars. There is no way you get the dollars in cash without necessarily going through the same process.”
He also said that some suspects have already been arrested, noting that the agency is still pursuing others who are on the run.
“We have gone far. We have made a reasonable arrest. We are not going to give out much because we don’t want the process to be disrupted. We are still after quite a number of people we have declared wanted,” he said.
He, however, said the investigation has been challenging because the fraudsters used “non-custodial wallets,” which means there was no identity attached to the accounts, making it harder to trace the criminals.
The EFCC boss also noted that some of the perpetrators are still operating the platform and that Nigerians are still falling victim. “I believe people should learn from this”, he said.
CBEX has reportedly resumed operations, announcing fresh withdrawal options in a move to restore investor confidence and to allow for new users to register, trade and withdraw profits.
