EFCC Recovers Funds from CBEX Crypto Scam, Arrests Suspects: Latest Updates from Ola Olukoyede. Watch Video Below…
The Economic and Financial Crimes Commission (EFCC) has achieved significant progress in addressing the massive cryptocurrency scam orchestrated by the Crypto Bridge Exchange (CBEX), a digital investment platform that defrauded over 600,000 Nigerians of approximately ₦1.3 trillion (about $800 million).
In an exclusive interview with TVC on Sunday, May 25, 2025, EFCC Chairman Ola Olukoyede provided critical updates on the investigation, announcing the recovery of a substantial portion of the stolen funds and the arrest of several suspects. This article explores the details of the CBEX scam, the EFCC’s efforts, the challenges encountered, and the ongoing fight for justice, incorporating the original statements from the interview for clarity and context.
Speaking during an interview with TVC on Sunday, Olukoyede confirmed that arrests have been made in connection with the CBEX scam.
“We’ve made substantial progress with the CBEX case and recovered a reasonable sum of money,” he said.
He explained that although the stolen funds were initially in cryptocurrency, the EFCC successfully traced and recovered a portion.
However, he noted that converting the recovered crypto assets back into cash, particularly U.S. dollars, has proven challenging due to the complex nature of crypto transactions.
He stated, “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.”
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The EFCC Chairman also stated that several suspects have already been apprehended, while efforts are ongoing to track down others still at large.
“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.
However, he noted that the investigation has been difficult, as the fraudsters used “non-custodial wallets,” which lack identifiable account information, making it more challenging to trace those involved.
“We are still investigating a lot of wallets and the wallets they created are called noncustodian wallets; in other words, no KYC. So, you can’t trace it to anybody.
“So, from the noncustodial wallet, they moved it to some wallets in Europe, Eastern Europe, particularly Cambodia and from there, they dispersed the money. We have been able to block some of these wallets where money has not been dispersed.
“That is to the extent that we have gone. I even learnt that there are still some of these perpetrators and Nigerians are still falling victim. I believe people should learn from this,” he said.
Conclusion
The EFCC’s progress in the CBEX crypto scam investigation, as detailed by Chairman Ola Olukoyede, marks a significant step toward justice for over 600,000 affected Nigerians. With recovered funds, arrests, and ongoing efforts to track international suspects, the EFCC demonstrates its commitment to combating financial crimes. However, the challenges of non-custodial wallets and crypto conversions highlight the complexities of modern fraud. Nigerians are urged to stay vigilant, verify investment platforms, and learn from the CBEX scam to avoid future losses. For updates, follow trusted news sources and official EFCC channels.
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