CBEX $1bn crypto scam traced to 4 countries – EFCC confirms

The Economic and Financial Crimes Commission (EFCC) has traced funds from the collapsed CBEX crypto trading platform to at least four countries, but acknowledges that full restitution to victims may be unattainable. Speaking on Politics Today on Channels Television, EFCC Chairman Ola Olukoyede confirmed that investigators have frozen several accounts linked to the failed platform, though he declined to disclose the total amount recovered. “We have been able to block some accounts. We have been able to freeze some funds… a reasonable amount,” Olukoyede said. However, he cautioned that the nature of cryptocurrency transactions has complicated efforts to recover all the funds. READ ALSO: EFCC partners INTERPOL to hunt CBEX operators after ₦1.3bn scam “I will not sit down and tell you that we are going to restore every victim. It will become practically impossible because quite a certain amount of money has been dissipated and not within our system,” he explained. According to Olukoyede, most of the fraudulent transactions were routed through wallets outside Nigeria’s jurisdiction. He added that “most of the principal parties behind the scheme are foreigners.” So far, three suspects are in custody and have reportedly made “very useful statements.” READ ALSO: CBEX: 6 Ponzi scheme red flags every Nigerian should know The EFCC is also collaborating with international partners to pursue the case across borders. CBEX came under scrutiny in April after users reported being unable to access their funds. The Securities and Exchange Commission later disclosed that the platform had been operating without registration. On April 30, the EFCC declared Elie Bitar, a foreign national, wanted in connection with the $1 billion fraud. A federal court has authorised the arrest of six CBEX promoters, and at least eight Nigerians have been declared wanted.