We’ve traced CBEX crypto scam funds to four nations, full recovery impossible – EFCC

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‘I will not sit down and tell you that we are going to restitute every victim.’

The EFCC has tracked funds from the failed Crypto Bridge Exchange (CBEX) scheme to at least four countries, Chairman Ola Olukoyede revealed on Channels Television. While some accounts have been frozen, Olukoyede admitted full victim restitution is unlikely, stating: “Quite a certain number of money has been dissipated and not within our system.” Most transactions involved cryptocurrency moved through offshore wallets, with foreign masterminds beyond Nigeria’s jurisdiction complicating recovery efforts.

Three suspects are currently in EFCC custody and have provided “very useful statements.” Olukoyede emphasized the agency’s limited reach: “Whatever we can get back, we will,” but cautioned that complete refunds remain “practically impossible.” The case highlights challenges in combating cross-border crypto fraud.

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