{"id":118207,"date":"2025-05-02T08:23:04","date_gmt":"2025-05-02T07:23:04","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=118207"},"modified":"2025-05-02T08:23:04","modified_gmt":"2025-05-02T07:23:04","slug":"1-billion-crypto-scam-funds-traced-to-four-nations-efcc","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/exclusive\/1-billion-crypto-scam-funds-traced-to-four-nations-efcc\/","title":{"rendered":"$1 Billion Crypto Scam Funds Traced to Four Nations-EFCC"},"content":{"rendered":"<div style=\"text-align: justify;\">By Lizzy Chirkpi<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Economic and Financial Crimes Commission (EFCC) has made a sobering assessment regarding the recovery of funds lost in the massive Crypto Bridge Exchange (CBEX) investment scheme. Chairman Ola Olukoyede, in a recent interview on Channels Television, stated that a full recovery of the estimated $1 billion scammed from investors is &#8220;practically impossible.&#8221;<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Olukoyede revealed that the EFCC has traced funds linked to the collapsed cryptocurrency platform to at least four different countries.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He explained that the majority of the illicit transactions were conducted using cryptocurrency and funneled through digital wallets located outside of Nigeria, significantly complicating the recovery process.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">&#8220;We have managed to block and freeze some accounts and have recovered a reasonable amount of money, though I cannot disclose the specific figures at this time,&#8221; Olukoyede stated.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He further highlighted a major hurdle in the investigation: &#8220;The principal actors behind this fraudulent scheme are predominantly foreign nationals, placing them beyond our immediate legal jurisdiction, which naturally makes recovery efforts more challenging.&#8221;<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Acknowledging the devastating impact on Nigerian investors who have been unable to access their funds since CBEX imploded in April, Olukoyede offered a bleak outlook on restitution. &#8220;Realistically speaking, it will be practically impossible to compensate every single victim fully.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">&#8221; A substantial portion of the misappropriated funds has already been moved and likely spent outside of our financial system,&#8221; he admitted.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Despite the challenges, the EFCC Chairman confirmed that three individuals connected to the scheme are currently in the commission&#8217;s custody and have provided valuable information.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He also assured the public that the EFCC is actively collaborating with international law enforcement agencies to pursue all available avenues for asset recovery and to bring the perpetrators to justice.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The CBEX saga unfolded in April, leaving countless Nigerian investors in financial distress. Subsequent investigations by the Securities and Exchange Commission (SEC) revealed that the cryptocurrency exchange was operating illegally, as it was not registered with the regulatory body.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Following this revelation, the Federal High Court in Abuja granted the EFCC&#8217;s request for the arrest of six individuals identified as promoters of the alleged $1 billion fraud.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The EFCC&#8217;s latest update paints a stark picture of the difficulties involved in recovering funds in complex, cross-border cryptocurrency scams, leaving many victims facing the grim reality of significant financial losses.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Lizzy Chirkpi The Economic and Financial Crimes Commission (EFCC) has made a sobering assessment regarding the recovery of funds lost in the massive Crypto Bridge Exchange (CBEX) investment scheme.&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":112848,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-118207","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-exclusive"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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