The Chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, says the agency has recovered some funds linked to the N1.3 trillion crypto fraud involving the Crypto Bridge Exchange platform, known as CBEX.
Speaking in an interview monitored by RadioNow’s news desk, Olukoyede confirmed that arrests have been made and investigations are ongoing.
Mr Olukoyede explained that although the stolen money was in cryptocurrency, the EFCC has managed to trace and recover part of it. However, he added that converting the funds into dollars remains difficult.
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Olukoyede noted that some suspects have been arrested, while others remain on the run. He explained the challenge lies in tracing non-custodial wallets, which have no identifiable user information.
Some of the stolen funds were moved to wallets in Eastern Europe, particularly Cambodia. The EFCC has since blocked some wallets that still had money in them.
He added that some perpetrators are still in the system, and he warned Nigerians to take this as a lesson.
CBEX collapsed in April, wiping out users’ funds and triggering outrage online
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