The Economic and Financial Crimes Commission (EFCC) has revealed that funds siphoned through the failed Crypto Bridge Exchange (CBEX) scheme have been traced to at least four countries, but full restitution to victims may be unachievable.
Speaking on Channels Television, EFCC Chairman Ola Olukoyede confirmed that the agency has blocked and frozen multiple accounts linked to the fraudulent platform, though he declined to specify exact amounts.
“We have blocked and frozen some accounts and recovered a reasonable amount, but I can’t give figures now,” he said. “I will not sit down and tell you that we are going to restitute every victim. It will become practically impossible because quite a certain number of money has been dissipated and not within our system. We have traced to three, four countries now… most of them are foreigners, they are not within our jurisdiction.”
Olukoyede noted that cryptocurrency transactions routed through overseas wallets have complicated recovery efforts. He added that three suspects are currently in EFCC custody and have provided “very useful statements” to investigators.
As investigations continue, the EFCC is coordinating with foreign counterparts to freeze additional assets and pursue those behind the $1 billion scam.
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