The Economic and Financial Crimes Commission (EFCC) has intensified its investigation into the collapsed Crypto Bridge Exchange (CBEX) Ponzi scheme, which defrauded over 600,000 Nigerians of approximately N1.3 trillion. EFCC Chairman Ola Olukoyede revealed that funds linked to the scheme have been traced to at least four countries, complicating recovery efforts.
Olukoyede stated that while some accounts have been blocked and funds frozen, full restitution to victims may be impossible due to the transnational nature of the fraud and the use of cryptocurrency, which often operates beyond Nigeria’s jurisdiction.
The EFCC is collaborating with international partners, including Interpol, to apprehend both local and foreign suspects involved in the scheme. Three Nigerian suspects are currently in custody, providing valuable information to investigators.
CBEX, which promised investors 100% returns within 30 days, collapsed in April 2025, leaving many unable to access their funds. The platform had previously obtained registration from the Corporate Affairs Commission and the EFCC’s Special Control Unit Against Money Laundering, which may have lent it an appearance of legitimacy.
Despite regulatory warnings, CBEX has reportedly resumed operations, announcing new withdrawal options and an external audit to restore investor confidence. Authorities caution the public to remain vigilant and avoid investment platforms offering unrealistic returns.
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