The Economic and Financial Crimes Commission (EFCC) has revealed that it has traced funds linked to the failed Crypto Bridge Exchange (CBEX) scheme to at least four countries. EFCC Chairman Ola Olukoyede disclosed this during an appearance on Channels Television’s Politics Today program, stating that while efforts to recover stolen funds are ongoing, full restitution to all victims may be impossible.
Olukoyede explained that several accounts have been blocked and a reasonable amount of funds frozen, though he declined to specify exact figures. Most of the transactions were conducted in cryptocurrency and routed through wallets beyond Nigeria’s jurisdiction, complicating recovery efforts.
“We have traced to three, four countries now. In fact, the principal parties behind the entire scheme… most of them are foreigners, they are not within our jurisdiction,” Olukoyede said. He acknowledged the complexity of the investigation but affirmed the EFCC’s commitment to recovering whatever funds it can and keeping Nigerians informed.
The EFCC has arrested three suspects connected to the scheme, who have provided valuable statements to investigators. The commission is also collaborating with foreign counterparts and international agencies such as Interpol to track and freeze assets.
CBEX, which promised investors unrealistic returns of up to 100% within 30 days, collapsed in April 2025, leaving over 600,000 Nigerians reportedly defrauded of approximately ₦1.2 trillion. The Securities and Exchange Commission (SEC) had earlier declared the platform illegal, and a federal high court granted the EFCC permission to arrest six promoters of the scheme.
Among those declared wanted by the EFCC is Elie Bitar, a foreign national believed to be a key figure behind CBEX’s operations. The EFCC has made his last known Lagos address public and urged anyone with information to come forward.
Despite the ongoing investigation and regulatory warnings, CBEX has controversially resumed operations, allowing new users to register and withdraw funds, pending an external audit expected to conclude in June 2025.
The EFCC continues to intensify its crackdown on fraudulent crypto schemes, promising to hold perpetrators accountable and recover as much as possible for victims.