As EFCC Announced Arrests Of The CBEX fraudsters.
In What Seems another significant breakthrough, the Economic And Financial Crimes Commission (EFCC) has announced a major progress in it’s investigation into the Crypto Bridge Exchange ( CBEX ) fraud, a digital investment platform that collapse in April, leaving thousands of investors with reported cases of huge losses of over N1.3trillion.
The EFCC while declaring the arrest of some of the suspects in connection with the CBEX fraud, maintained that there are still some others still on the run and have been declared wanted.
The anti-graft agency said it has recovered a reasonable amount of money from the the fraudsters, although the exact amount hasn’t been disclosed. The stolen money was in cryptocurrency, and the EFCC has managed to trace and recovered part of it.
The challenge of converting the recovered cryptocurrency into cash money for victims to have their investment back has been difficult, as it requires going through similar crypt processes. The EFCC has however, been able to block some wallets where money hadn’t been dispersed yet.
According to the EFCC, investigations of the CBEX fraud are still on going bin trying to trace the wallets, and track down the perpetrators.
The agency has revealed that the fraudsters used non- custodial wallets making it difficult to identify the account holders.
The EFCC Chairman, Ola Olukoyode, has however assured Nigerians that the agency is committed to recovering the lost funds .
Emphazing that the investigation is ongoing, and the EFCC is working to prevent similar occurrences in the future.
The CBEX collapse has had a significant impact on Nigerian investors, with many losing substantial amounts of money. The incident has raised concerns about the risks associated with digital investment platforms and the need for regulatory oversight.
Egbeweli Abubakar
Reporting for TECHLIFE Media and Communications.
