Alleged N1.3tr CBEX Fraud: EFCC Declares 2 People Wanted, Releases Photos

• The EFCC has declared two individuals wanted in connection with an online trading platform, crypto bridge exchange (CBEX)
• In a notice on its X (formerly Twitter) page on Wednesday, June 4, the commission declared a man and a woman wanted as it continues its investigation into the CBEX case
• The CBEX ponzi scheme, cloaked as a digital trading investment platform, claimed to double the deposit balance of investors within 40 days

Jabi, Abuja - The Economic and Financial Crimes Commission (EFCC) has declared two people wanted over the alleged fraud perpetrated on the crypto bridge exchange (CBEX), a controversial trading platform.

Legit.ng reports that the two new suspects are Folashade Odelana and Bamidele Ayodele Abiodun, a female and male individual respectively.

The EFCC published the wanted notice across its social media platforms on Wednesday, June 4, 2025.

The notice read:

“The public is hereby notified that the persons whose photographs appear above are wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX)."

Legit.ng reports that this development followed the Abuja federal high court injunction granting the anti-graft agency permission to arrest and detain some CBEX promoters.

Justice Emeka Nwite, who gave the order after the EFCC’s lawyer, Fadila Yusuf, moved an ex parte motion to the effect, said the detention would be pending the conclusion of the investigation of the alleged offences and possible prosecution.

In April, the digital asset trading platform collapsed and subsequently swept over N1.3 trillion from investors’ wallets, leaving many Nigerians devastated.

CBEX, which introduced itself as a company established in Singapore in 2015 and a global digital asset trading platform, lured thousands of Nigerians with false promises of guaranteed returns on investments in cryptocurrencies and other digital assets.

The crash at the time has sparked renewed debate about Nigerians’ susceptibility to fraudulent investment schemes.

Angry investors stormed and looted the office of Smart Treasure (ST Team), an affiliate of CBEX, in Ibadan, Oyo state capital.

CBEX: Some funds already recovered

Meanwhile, the EFCC announced a breakthrough in its investigation into the alleged CBEX fraud.

Ola Olukoyede, EFCC Chairman, who disclosed this recently while speaking on a TVC interview, confirmed the recovery of funds and subsequent arrests linked to the digital investment platform.

Olukoyede noted that the EFCC had successfully traced and recovered a substantial amount of the stolen funds, adding that the investigation has been challenging because the alleged fraudsters used “non-custodial wallets,” which means there was no identity attached to the accounts, making it harder to trace the criminals.

CBEX: SEC exposes unregistered investment platform

Earlier, Legit.ng reported that the Securities and Exchange Commission (SEC) issued a warning to the Nigerian public regarding the operations of Silverkuun Investment Cooperative Society and Silverkuun Limited.

In a public alert, SEC identified Silverkuun as an illegal operator in the Nigerian capital market.

The commission said its attention had been drawn to the activities of the two entities, which have been presenting themselves as licensed investment advisers and fund managers.

Source: Legit.ng