EFCC obtains court order to arrest six CBEX promoters over alleged $1bn crypto fraud. Platform blocked withdrawals after luring investors with fake returns.
BREAKING: EFCC Secures Court Order to Arrest CBEX Crypto Fraud Suspects Over Alleged $1 Billion Scam
A Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) the authority to arrest and detain six promoters of Crypto Bridge Exchange (CBEX) over an alleged $1 billion cryptocurrency investment fraud.
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Justice Emeka Nwite issued the order on Thursday following an ex parte application filed by EFCC counsel Fadila Yusuf. The suspects are to remain in EFCC custody pending the conclusion of investigations and possible prosecution.
The individuals named in the arrest warrant include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. They are accused of operating CBEX through ST Technologies International Limited, a platform allegedly designed to exploit investors with promises of unrealistic 100% returns on crypto assets.
According to the EFCC, unsuspecting victims were encouraged to convert their digital currencies into stablecoins (USDT) and transfer them into wallets controlled by the suspects. Once over $1 billion had been collected, the platform became inaccessible, and investors were blocked from making withdrawals.
The anti-graft agency further disclosed that CBEX was never registered with the Securities and Exchange Commission (SEC), a key indicator that the operation was fraudulent from the outset.
The EFCC said the arrests are crucial to unraveling the full extent of the scam and securing justice for affected investors.
