The Chairman of the Economic and Financial Crimes Commission, Ola Olukoyede, has revealed that the agency has recovered some money from the digital investment platform Crypto Bridge Exchange trading platform.

Olukoyede also disclosed that the EFCC has made arrests in connection with the CBEX fraud.

The EFCC boss revealed this in an interview.

He added that the EFCC has made significant progress in its investigation into the crypto scheme that scammed many Nigerians.

Olukoyede explained further that although the stolen money was in cryptocurrency, the EFCC has managed to trace and recover part of it.

However, he noted that converting the funds back to dollars in cash was not easy because it required going through similar crypto processes.

The EFCC boss added that some suspects have already been arrested, noting that the agency is still pursuing others who are on the run.

He, however, said the investigation has been challenging because the fraudsters used “non-custodial wallets,” which means there was no identity attached to the accounts, making it harder to trace the criminals.

In April, CBEX collapsed, leaving investors with reported losses of over N1.3 trillion.

The platform became inaccessible after users faced repeated withdrawal issues, which were soon followed by the sudden disappearance of their account balances.

The incident, however, triggered widespread reactions, especially on social media, where users have voiced their anger, concerns, and disappointment.

Despite this, CBEX resumed operations, announcing fresh withdrawal options in a move to restore investor confidence.