A Federal High Court in Abuja has authorized the arrest and detention of six individuals behind Crypto Bridge Exchange (CBEX), a collapsed cryptocurrency platform that allegedly defrauded investors.
Justice Emeka Nwite granted the Economic and Financial Crimes Commission (EFCC) permission to apprehend Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim following an ex-parte motion filed by the anti-graft agency.
According to court documents, the suspects used ST Technologies International Limited to promote CBEX, luring investors with promises of unrealistic returns of up to 100% within 30 days.
“Victims were instructed to convert their digital assets into USDT for deposit into the suspects’ crypto wallet,” the EFCC stated. “Initially, victims had full platform access, but after deposits exceeding one billion dollars, the platform became inaccessible.“
The collapse left thousands of investors stranded and unable to withdraw their funds. In a bizarre twist, affected users were later instructed to deposit additional funds—$100 for accounts under $1,000 and $200 for larger accounts—supposedly to verify their accounts and regain access.
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The EFCC’s investigation revealed that while ST Technologies is registered with the Corporate Affairs Commission, it lacks Securities and Exchange Commission authorization to operate as an investment platform. The agency clarified that having a Special Control Unit against Money Laundering certificate does not constitute legal clearance to offer investment services.
Contrary to claims made by CEO Yahaya Ibrahim that CBEX is headquartered in Canada, investigations found no evidence of its registration there. The closest match, CBEX Capital Corp, had its license revoked a year ago.
The suspects, who have reportedly fled their last known addresses in Lagos and Ogun states, will be placed on a red watch list to facilitate their arrest and prosecution.
