The Federal High Court in Abuja has issued an order for the arrest and detention of six individuals accused of being promoters of the fraudulent cryptocurrency platform, Crypto Bridge Exchange (CBEX)
The court’s ruling follows the presentation of an ex parte motion by the Economic and Financial Crimes Commission (EFCC), which outlined the charges against the six individuals—Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim. The accused are said to have used their company, ST Technologies International Limited, to promote the CBEX platform, luring Nigerian investors with promises of high returns.
According to the EFCC, investors were encouraged to convert their assets into USDT (Tether) and deposit them into wallets controlled by the suspects. However, after accumulating over $1 billion, the platform became inaccessible, preventing users from withdrawing their funds and exposing the scheme as a scam.
The EFCC also pointed out that while ST Technologies International Limited was registered with the Corporate Affairs Commission (CAC), it was not licensed by the Securities and Exchange Commission (SEC) to operate as an investment platform.
The court’s order permits the EFCC to issue a Red Notice for the suspects’ arrest, which will allow for their international tracking and capture. The investigation is ongoing, with the EFCC working in collaboration with international agencies to recover the stolen funds and hold the perpetrators accountable.
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GBAM