EFCC Recovers Money from Collapsed CryptoBridge Exchange (CBEX) Platform: Olukoyede Speaks on Arrests and Progress

 

The Economic and Financial Crimes Commission (EFCC) has made a significant breakthrough in its ongoing investigation of the failed cryptocurrency investment platform, CryptoBridge Exchange (CBEX), which collapsed in April 2025, leaving thousands of Nigerian investors devastated and out of pocket.

In a revealing interview aired on TVC News on Sunday, May 25, the EFCC Chairman, Ola Olukoyede, disclosed that the commission has recovered a substantial amount of funds linked to the collapsed CBEX crypto trading platform. Olukoyede also confirmed that several arrests have been made in connection with the fraud, and more suspects remain at large.

“We have gone far with CBEX. We have been able to recover a reasonable amount of money,”
— Ola Olukoyede, EFCC Chairman

CBEX: A Promising Platform That Turned into a Nightmare

CryptoBridge Exchange, popularly known as CBEX, was one of many digital investment platforms that surged in popularity among Nigerian youths and online investors looking to make profits through cryptocurrency. The platform promised high returns on digital assets and attracted massive investments, allegedly raking in over ₦1.3 trillion from investors before it suddenly collapsed in April 2025.

Many users began reporting issues such as delayed withdrawals, missing funds, and eventually, the complete disappearance of account balances. Soon after, the CBEX platform became inaccessible, sparking widespread panic, outrage, and confusion across social media platforms.

Despite the backlash and obvious collapse, CBEX later attempted to resume operations, announcing new withdrawal options as a measure to restore investor confidence. However, many Nigerians remained skeptical, with some warning others not to fall for the same trap again.

EFCC Recovers Part of Stolen Funds from CBEX

In the TVC interview, Ola Olukoyede gave Nigerians a glimmer of hope by revealing that the EFCC has already recovered part of the stolen funds. He explained that although the fraudulent transactions were carried out using cryptocurrency, the anti-graft agency has been able to trace and retrieve a portion of the funds through advanced tracking mechanisms.

“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,”
— Ola Olukoyede

According to the EFCC boss, converting cryptocurrency back into fiat currency—especially dollars—is not a straightforward process. The same crypto systems used to steal the money must also be used to retrieve and convert it, which makes the process complex and time-consuming.

Arrests Made, But More Suspects Still on the Run

The EFCC’s ongoing investigation into the CBEX scam has already led to multiple arrests, but Olukoyede noted that the agency is being careful not to disclose too much information to the public in order not to compromise the probe.

“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,”
— Ola Olukoyede

This suggests that a wider network of fraudsters may have been involved in the CBEX operation, many of whom are currently being hunted by law enforcement. The Chairman emphasized that efforts are ongoing to track down and bring all perpetrators to justice.

The Role of Non-Custodial Crypto Wallets: Why the Investigation Is Tough

Olukoyede revealed one of the key challenges facing the EFCC in this investigation: the use of non-custodial cryptocurrency wallets. These are digital wallets that do not require identity verification (Know Your Customer - KYC) and are therefore difficult to trace.

“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,”
— Ola Olukoyede

This lack of traceability has enabled fraudsters to move large sums of money across borders without detection. According to Olukoyede, the criminals behind the CBEX fraud transferred the stolen funds from Nigerian-based non-custodial wallets to other wallets in Europe, Eastern Europe, and even Cambodia.

“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,”
— Ola Olukoyede

Despite these obstacles, the EFCC has succeeded in blocking several of these foreign wallets, especially those that still contain undeployed funds. This action will likely prevent further losses and could help in recovering additional funds in the near future.

Nigerians Still Falling Victim to CBEX-Linked Schemes

Shockingly, Olukoyede noted that despite CBEX’s previous collapse and the widespread media attention, some Nigerians are still falling victim to similar schemes linked to the same perpetrators.

“I even learnt that there are still some of these perpetrators and Nigerians are still falling victim. I believe people should learn from this,”
— Ola Olukoyede

This highlights a recurring issue in Nigeria's financial space: low awareness about investment scams and digital fraud. Many victims are driven by promises of quick riches, only to be duped by clever online schemes.

Lessons Nigerians Must Learn from the CBEX Collapse

The collapse of CryptoBridge Exchange is not just another investment failure—it is a national warning. With over ₦1.3 trillion reportedly lost and thousands of Nigerians affected, the CBEX saga has exposed deep flaws in digital financial literacy, regulatory oversight, and public trust in online investment platforms.

Here are some critical lessons to take away:

1. Always verify platforms before investing – Check if the investment scheme is registered with the SEC or other regulatory bodies.

2. Be skeptical of unusually high returns – If it sounds too good to be true, it usually is.

3. Avoid platforms that use non-custodial wallets or lack transparency – Lack of identity verification is a red flag.

4. Follow updates from regulatory agencies like the EFCC – Staying informed can save you from financial ruin.

5. Report suspicious platforms early – Timely reports can help law enforcement act quickly.

Final Thoughts: The EFCC's Commitment and the Future of Crypto in Nigeria

The EFCC's ongoing efforts to recover funds and bring the CBEX fraudsters to justice is commendable. While challenges such as the use of anonymous crypto wallets and international money laundering tactics remain, the anti-graft agency appears determined to restore justice and investor confidence.

For Nigeria’s crypto space to thrive, there must be better regulation, public education, and stronger enforcement against fraudulent actors. CBEX may not be the first crypto scam in Nigeria, but if proper measures are taken, it could be the last of this scale.

At NaijaRush, we’ll continue to monitor this developing story and provide verified updates as more information becomes available.