EFCC shares update on CBEX, gives reasons some investors may lose their funds

• EFCC stated that recovering the stolen funds associated with the failed crypto span speech (CBEX) scam whitethorn not beryllium possible
• The president of the EFCC revealed that the bureau has determined the root of the stolen funds successful astatine slightest 4 countries
• According to him, astir of the transactions were made with cryptocurrency and routed done wallets that were situated extracurricular of Nigeria's boundaries

Legit.ng writer Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

Recovering the stolen wealth connected to the failed crypto span speech (CBEX) fraud mightiness not beryllium feasible, the Economic and Financial Crimes Commission (EFCC) has said.

Photo Credit: EFCC
Source: Getty Images

EFCC president Ola Olukoyede made the revelation connected Wednesday nighttime erstwhile helium appeared connected Channels Television.

Olukoyede disclosed that though the committee has identified astatine slightest 4 nations wherever the stolen money originated, victims whitethorn not beryllium eligible for reimbursement.

Several accounts person been closed and monies frozen, helium said. The figures, helium added, could not yet beryllium made public.

According to Olukoyede, the bulk of the transactions were carried retired utilizing cryptocurrencies and were sent done wallets located extracurricular of Nigeria's borders.

“We person been capable to artifact immoderate accounts. We person been capable to frost immoderate funds, for which I volition not beryllium capable to springiness you a figure, but we person been capable to frost immoderate tenable magnitude of funds.“I volition not beryllium down and archer you that we are going to restitute each victim. It volition go practically intolerable due to the fact that rather a definite fig of wealth has been dissipated and not wrong our system.“We person traced to three, 4 countries now. In fact, the main parties down the full scheme, astir of them are foreigners; they are not wrong our jurisdiction, and you cognize what that entails.“In fact, it took our proficiency to beryllium capable to adjacent frost immoderate assets that we person now. So, yes, we’ve embarked connected that journey.“Whatever we tin get back, we volition get it backmost and fto Nigerians know. But we volition not beryllium capable to corroborate that we volition restitute each victim. That whitethorn beryllium practically impossible.“We person made arrests. Right now, we person astir 3 radical successful our custody who person made precise utile statements,” helium said.

Photo Credit: EFCC
Source: Getty Images

SEC issues informing to Nigerians arsenic different concern scam emerges

Legit.ng reported that Just arsenic Nigeria is struggling to travel to presumption with the losses recorded successful CBEX, the Securities and Exchange Commission (SEC) has identified another unregistered online concern platform TOFRO.COM operated by ToFro Exchange Global Professional Station.

In a nationalist alert connected Thursday, May 1, the SEC stated that the level has traits indicative of a fraudulent Ponzi scheme.

A cheque connected the website claims to beryllium an innovative integer plus trading level catering to nonrecreational traders worldwide, with a absorption connected discovering high-quality, cutting-edge concern opportunities successful integer assets.

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Source: Legit.ng