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The EFCC has recovered an undisclosed portion of the N1.3 trillion lost to the CBEX Ponzi scheme, marking progress in one of Nigeria’s largest crypto fraud cases. While arrests have been made, converting seized cryptocurrency to cash for victim restitution poses hurdles. The scam, which promised impossible 100% returns, collapsed in April after locking users out unless they paid additional "unlocking" fees.

  • Partial recovery: EFCC confirms "reasonable amount" reclaimed from collapsed CBEX scheme
  • Arrests made: Nigerian collaborators and foreign masterminds targeted
  • Crypto conversion woes: Difficulty turning digital assets into distributable cash
  • Scam blueprint: Fake seminars with "experts" lured investors with 30-day return promises
  • Exit scam: Users forced to pay extra ($100-$200) to access frozen accounts
This case tests Nigeria's capacity to tackle sophisticated digital fraud while exposing how unchecked greed enables Ponzi schemes to thrive. The EFCC's recovery efforts offer hope but underscore the need for stronger crypto regulations.

For thousands of defrauded Nigerians, justice remains a moving target in the volatile world of crypto investments.