EFCC Traces CBEX Funds to Four Countries

EFCC Traces CBEX Funds to Four Countries

The Economic and Financial Crimes Commission (EFCC) has revealed that it may be unable to fully recover the funds lost in the now-defunct Crypto Bridge Exchange (CBEX) investment scam, which defrauded Nigerian investors of over $1 billion.

EFCC Chairman Ola Olukoyede made this disclosure during an interview on Channels Television, stating that the commission had traced CBEX-linked funds to at least four countries. 

He explained that most of the illicit transactions were carried out using cryptocurrency, routed through offshore wallets, and largely involved foreign suspects.

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