A Federal High Court in Abuja has denied bail to three promoters of Crypto Bridge Exchange (CBEX) accused of defrauding investors of over $1 billion.
Justice Emeka Nwite ruled on Monday that the case presented strong evidence, justifying continued detention. The EFCC had earlier secured court approval to detain six CBEX operators, citing an ongoing probe into a massive crypto investment scam.
The accused allegedly lured victims with promises of 100% returns via a platform operated by ST Technologies International Ltd.
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Investigators say once deposits exceeded $1 billion, the platform became inaccessible and withdrawals were blocked.
EFCC told the court the firm was not licensed by Nigeria’s SEC and that the suspects had fled their known addresses.
The judge dismissed the defence’s bail plea, saying medical needs could be managed in custody. Formal charges have been filed and await court assignment.
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