cbex scandal

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...

The EFCC has acknowledged it wrongly listed Ellie Bitar as wanted over the CBEX Ponzi scheme and has now removed his name. Ellie Bitar was erroneously named among suspects linked to the CBEX investment scam. The EFCC corrected the error after receiving new information that cleared him. Eight...

Despite being under EFCC investigation over a ₦1.2 trillion fraud scandal, crypto platform CBEX is back online — and it’s allowing trades and withdrawals again. CBEX is accused of running a Ponzi-like scheme that collapsed in April 2025. Over 600,000 Nigerians reportedly lost money, some their...

A foreign-led crypto scheme known as CBEX has allegedly defrauded Nigerians of over ₦1.3 trillion. As EFCC hunts the mastermind, the story reveals how poverty, desperation, and the illusion of fast money left thousands vulnerable—and now devastated. Crypto Bridge Exchange (CBEX) posed as an...

A promoter of the cryptocurrency trading platform CBEX, previously declared wanted by the Economic and Financial Crimes Commission (EFCC) for alleged involvement in a fraudulent investment scheme exceeding $1 billion, has voluntarily surrendered to authorities. This development marks a...

The Economic and Financial Crimes Commission (EFCC) has declared eight individuals wanted for allegedly promoting the controversial CBEX scheme, which is suspected of fraudulent activities. The EFCC’s move signals growing concern over the legitimacy of the scheme, which has attracted significant...

A Federal High Court has given the EFCC the green light to arrest staff members of CBEX, a company embroiled in an alleged $1 billion fraud case. The court ruling follows a request by the EFCC to take action against individuals linked to the massive financial scam. This move is a significant...