EFCC Issues Arrest Warrants for 6 CBEX Promoters Over $1B Crypto Ponzi Scheme
The Economic and Financial Crimes Commission (EFCC) in Nigeria has issued arrest warrants for six promoters linked to Crypto Bridge Exchange (CBEX). The commission alleges that CBEX is a Ponzi scheme, promising unrealistic returns and defrauding investors of over $1 billion.
CBEX claimed to offer users a 100% return on investment within a month and encouraged referrals with rewards. However, the Nigeria Securities and Exchange Commission (SEC Nigeria) has confirmed that CBEX is not registered and is operating illegally. The promoters reportedly used ST Technologies International Limited to lure Nigerians into investing.
The wanted individuals, including both Nigerians and Kenyans, are accused of participating in a fraudulent operation. The EFCC has provided the last known locations of these individuals. CBEX users have also accused the platform of being a Ponzi scheme, with many investors losing their funds.
The EFCC's intervention follows the disappearance of over $1 billion in investors' funds from CBEX. The commission has issued a wanted notice for eight individuals involved in the alleged fraud. The public is urged to be cautious of such schemes and report any suspicious activities to the appropriate authorities.
