EFCC recovers funds in CBEX crypto fraud

…warns investors of irrecoverable dollar losses

The Economic and Financial Crimes Commission (EFCC) says it has recovered an undisclosed sum from CBEX, a collapsed digital investment platform at the centre of a major crypto-related fraud case in Nigeria.

Speaking on Sunday during a TVC interview, EFCC Chairman Ola Olukoyede revealed that arrests had been made and investigations into the fraudulent activities of CBEX were progressing steadily.

“We have gone far with CBEX. We’ve recovered a reasonable amount of money and made a reasonable number of arrests,” Olukoyede said. He added that more suspects have been declared wanted and that details of the probe are being withheld to avoid jeopardizing ongoing operations.

Olukoyede warned that affected investors should not expect refunds in dollars, citing the complexities of recovering funds lost through cryptocurrency transactions. “You won’t get dollars in cash without going through the same crypto process,” he said.

He noted that CBEX operated using non-custodial wallets—anonymous crypto accounts with no verifiable identity—which allowed perpetrators to move funds to foreign wallets, especially in Eastern Europe and Cambodia, before dispersing them.

Despite these challenges, the EFCC says it has successfully blocked several wallets that still contain undistributed funds. However, Olukoyede expressed concern that some Nigerians continue to fall victim to similar fraudulent schemes, urging the public to be more cautious.

The Securities and Exchange Commission (SEC) has confirmed that CBEX was never registered with the agency. In April, the Federal High Court in Abuja authorized the EFCC to arrest and detain six CBEX promoters in connection with the alleged $1 billion fraud.

The EFCC continues its investigation while seeking to trace additional funds and culprits involved in the wide-reaching scam.