CBEX: EFCC Gives Update on Progress, Explains Why Some People May Not Get Back Their Money

• EFCC stated that recovering the stolen funds associated with the failed crypto bridge exchange (CBEX) scam may not be possible
• The chairman of the EFCC revealed that the agency has determined the origin of the stolen funds in at least four countries
• According to him, most of the transactions were made with cryptocurrency and routed through wallets that were situated outside of Nigeria's boundaries

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Recovering the stolen money connected to the failed crypto bridge exchange (CBEX) fraud might not be feasible, the Economic and Financial Crimes Commission (EFCC) has said.

EFCC chairman Ola Olukoyede made the disclosure on Wednesday, night when he appeared on Channels Television.

Olukoyede disclosed that although the commission has identified at least four nations where the stolen money went, victims may not be eligible for reimbursement.

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Several accounts have been closed and monies frozen, he said. The figures, he added, could not yet be made public.

According to Olukoyede, the majority of the transactions were carried out using cryptocurrencies and were sent through wallets located outside of Nigeria's borders.

“We have been able to block some accounts. We have been able to freeze some funds, for which I will not be able to give you a figure, but we have been able to freeze some reasonable amount of funds.

“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. In fact, the principal parties behind the entire scheme, most of them are foreigners; they are not within our jurisdiction, and you know what that entails.

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“In fact, it took our proficiency to be able to even freeze some assets that we have now. So, yes, we’ve embarked on that journey.

“Whatever we can get back, we will get it back and let Nigerians know. But we will not be able to confirm that we will restitute every victim. That may be practically impossible.

“We have made arrests. Right now, we have about three people in our custody who have made very useful statements,” he said.

SEC issues warning to Nigerians as another investment scam emerges

Legit.ng reported that Just as Nigeria is struggling to come to terms with the losses recorded in CBEX, the Securities and Exchange Commission (SEC) has identified another unregistered online investment platform TOFRO.COM operated by ToFro Exchange Global Professional Station.

In a public alert on Thursday, May 1, the SEC stated that the platform has traits indicative of a fraudulent Ponzi scheme.

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A check on the website claims to be an innovative digital asset trading platform catering to professional traders worldwide, with a focus on discovering high-quality, cutting-edge investment opportunities in digital assets.

Source: Legit.ng