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The Economic and Financial Crimes Commission, EFCC, has disclosed that the agency has traced funds linked to the failed crypto bridge exchange, CBEX, scheme to at least four countries.
EFCC chairman, Ola Olukoyede, stated this while speaking on Politics Today, a Channels Television programme, on Wednesday.
Olukoyede said although efforts are underway to recover the stolen funds, full restitution to victims may be impossible.
According to him, several accounts have been blocked and funds frozen, although the amounts cannot be disclosed yet.
He explained that most of the transactions were conducted in cryptocurrency and routed through wallets beyond Nigeria’s jurisdiction.
“We have been able to block some accounts. We have been able to freeze some funds, which I will not be able to give you a figure, but some reasonable amount of funds, we have been able to freeze,” the EFCC boss said.
“I will not sit down and tell you that we are going to restore every victim. It will become practically impossible because quite a certain amount of money has been dissipated and not within our system.
“We have traced to three, four countries now. In fact, the principal parties behind the entire scheme… most of them are foreigners, they are not within our jurisdiction, and you know what that entails.”
He added that the agency has arrested three suspects who are currently in custody and have made “very useful statements” to investigators.
CBEX: EFCC traces monies to four countries, moves to recover stolen funds
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