EFCC Chairman Ola Olukoyede has addressed the public regarding the collapse of Crypto Bridge Exchange (CBEX), a cryptocurrency investment platform that left many Nigerians with significant financial losses.
In a recent interview, Olukoyede criticised affected investors, pointing out that while they eagerly collected 100% returns during the scheme’s peak, they never raised concerns until the platform collapsed.
He explained that CBEX is part of a wider international fraud operation, mostly driven by foreign nationals and involving multiple countries.
Olukoyede emphasised that the EFCC cannot preemptively detect such scams without reports or intelligence, adding that CBEX was not among the 58 companies previously flagged because no prior complaints had been filed.
Following growing public outcry, the EFCC has launched a full investigation into CBEX. Three suspects are already in custody and have provided useful leads. The commission is working with international partners to track and freeze assets connected to the scheme.
Olukoyede, however, cautioned that full recovery of funds may be difficult due to the cross-border nature of the fraud and the challenges of tracing crypto assets.
He urged the public to report suspicious investment platforms early, noting that timely alerts could prevent wider damage.
He reaffirmed the EFCC’s commitment to pursuing justice and recovering stolen assets where possible, while calling on Nigerians to exercise greater caution before investing in schemes that promise unrealistic returns.
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cc: Daily Post Ng
