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CBEX Crypto Scam: AI-Hyped Ponzi Scheme Defrauds African Investors
- Last Monday, the Federal High Court in Abuja declined bail for three CBEX promoters facing trial over a $1 billion scam.
- The EFCC concluded its investigation showed a strong prima facie case, with affidavit evidence cited by the judge leading to bail denial and a remand order.
- EFCC filings show deposits exceeded $1 billion, with CBEX becoming inaccessible and stopping withdrawals, revealing a large-scale crypto scam routed through ST Technologies and CBEX.
- Following the bail ruling, the EFCC issued warrants for red watch lists, while Kenya’s CMA issued investor alerts and lawmakers consider new regulations.
- Sentencing is scheduled for August 21 as Nigeria enacts the Investments and Securities Act criminalising Ponzi schemes, amid $9.9 billion in global crypto scam losses, highlighting growing regulatory focus.
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Bail Applications Of CBEX Promoters Battling $1bn Fraud Rejected
Bail Applications Of CBEX Promoters Battling $1bn Fraud Rejected A Federal High Court sitting in Abuja and presided over by Justice Emeka Nwite has rejected the bail application filed by three promoters of Crypto Bridge Exchange (CBEX) in the alleged $1 billion fraud. Justice Nwite, in a ruling on Monday, June 30, 2025, held that available evidence against the defendants was strong. The defendants are; Adefowora Abiodun Olanipekun, Avwerosu…
Coverage Details
Total News Sources64
Leaning Left5Leaning Right6Center18Last UpdatedBias Distribution62% Center
Bias Distribution
- 62% of the sources are Center
62% Center
L 17%
C 62%
R 21%
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