“Most of the illicit transactions were routed through crypto wallets outside Nigeria’s jurisdiction,” he said.
The chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, has said full restitution for victims of the failed Crypto Bridge Exchange (CBEX) scheme may be “practically impossible.”
Speaking Wednesday on Channels Television, Olukoyede disclosed that investigators had traced CBEX-linked funds to at least four countries, with key suspects identified as foreign nationals.
“Most of the illicit transactions were routed through crypto wallets outside Nigeria’s jurisdiction,” he said.
While some funds have been frozen, Olukoyede admitted a full refund is unlikely. “I will not sit down and tell you that we are going to rehabilitate every victim,” he stated.
Three suspects are currently in EFCC custody, and further arrests are underway. “We have made inroads and are working with our foreign counterparts,” he added.
The Federal High Court had earlier approved EFCC’s request to arrest six CBEX promoters over a $1 billion fraud. One of the alleged masterminds, Elie Bitar, a foreign national, remains on the agency’s wanted list.
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