The Economic and Financial Crimes Commission (EFCC) has revealed that proceeds from the collapsed Crypto Bridge Exchange (CBEX) cryptocurrency scheme have been traced to at least four countries, raising serious concerns about the possibility of a full refund to defrauded investors.
Speaking on Politics Today on Channels Television on Wednesday, EFCC Chairman Ola Olukoyede disclosed that although the Commission has frozen several accounts and seized funds linked to the fraudulent scheme, the cross-border nature of the transactions complicates recovery efforts.
“We have been able to block some accounts. We have been able to freeze some funds, which I will not be able to give you a figure, but some reasonable amount of funds, we have been able to freeze,” Olukoyede stated.
He added that most of the illicit transactions were routed through cryptocurrency wallets outside Nigeria, which are beyond the EFCC’s direct jurisdiction.
“I will not sit down and tell you that we are going to restore every victim. It will become practically impossible because quite a certain amount of money has been dissipated and not within our system,” he said.
The EFCC boss confirmed that the main perpetrators of the scheme are largely foreign nationals, and that the Commission is working closely with international law enforcement agencies to recover assets and apprehend those responsible.
Three suspects are currently in custody and are said to be cooperating with investigators. Their statements have reportedly provided critical leads in the widening probe.
