"We've Recovered Some Funds From CBEX": EFCC Gives Fresh Update, Video Trends

• EFCC Chairman Ola Olukoyede has disclosed that the commission had recovered some funds from the digital investment platform, CBEX
• The EFCC chairman maintained that the anti-graft agency had made significant progress in its investigation of the fraud on the CBEX platform
• Olukoyede explained that the commission is still investigating, and some persons have been arrested while still at large

Ola Olukoyede, the chairman of the Economic and Financial Crimes Commission (EFCC) has disclosed that the anti-graft agency had recovered some funds from the digital investment platform Crypto Bridge Exchange (CBEX).

The chairman of the anti-graft commission disclosed, while speaking in an interview on TVC, that the agency had also made some arrests.

Update on EFCC's investigation of CBEX

He further explained that the agency had made significant progress concerning its investigation into CBEX, a trading platform that recently defrauded many Nigerians. His statement reads in part:

“We have gone far with CBEX. We have been able to recover a reasonable amount of money.”

He further explained that the stolen money was recovered in cryptocurrency and that the EFCC has been able to trace and recover part of it. The EFCC boss explained that it has been difficult to convert the money back to dollars in cash, adding that such requires going through similar processes.

Olukoyede explained that there is no way the money can be gotten in dollars without going through the process. However, he affirmed that the commission had made significant progress and had made some reasonable arrests.

Why EFCC will give much to CBEX investigation

He maintained that the commission will give much to its investigation because they don't want any disruption in the process. He noted that the commission is still after many of those who were declared wanted.

The EFCC chairman also made it known that the investigation has been challenging because non-custodian wallets were used by the fraudsters. He explained that this means the accounts have no identity attached to them, which was the main reason it was hard to trace the criminals.

According to Olukoyede, lots of wallets are still under investigation, and the ones they created are non-custodial, saying this is where money is being dispersed. Therefore, it can't be traced to anybody

Thus, the fraudsters moved the money from the non-custodian wallets in wallets in Eastern Europe, particularly Cambodia, and it was from this juncture that the money was dispersed. He said the EFCC has been able to block some of these wallets where the money had not yet been dispersed.

Video of Olukoyede interview is here:

Nigerians react as CBEX crashes

Legit.ng earlier reported that the CBEX collapse was heartbreaking for Nigerians who had invested in the digital financial platform, as they lamented on social media.

The BBC has reported Nigerians' reaction and how the scheme brought back the memory of MMM, a popular financial Ponzi scheme which crashed in 2016.

MMM, which was founded in November 2015, reportedly had up to three million Nigerian investors before it crashed.

Source: Legit.ng