The Economic and Financial Crimes Commission (EFCC) has announced the recovery of funds from CryptoBank Exchange (CBEX), the digital investment platform that allegedly defrauded thousands of Nigerians of approximately N1.3 trillion.

EFCC Chairman, Ola Olukoyede, made this disclosure during an interview on Television Continental (TVC), where he confirmed that the anti-graft agency has made significant progress in its investigation into the crypto scheme collapse.

"We have gone far. We have made a reasonable arrest. We have also been able to recover a reasonable amount of money," Olukoyede stated. He added that the Commission is withholding specific details to avoid disrupting ongoing operations.

The CBEX scandal came to light when the platform, which had promised investors an unrealistic 100 percent Return On Investment (ROI) within 30 days, suddenly crashed. Investors reported that funds in their digital wallets vanished without warning.

According to the EFCC Chairman, several individuals connected to the scheme have been declared wanted and are currently being pursued by the Commission.

"We are still after quite a number of people we have declared wanted," Olukoyede confirmed.

The CBEX case represents one of Nigeria's largest financial fraud incidents in recent years, with the estimated loss of N1.3 trillion affecting investors across the country. The platform's collapse has raised concerns about regulation of digital asset trading platforms in Nigeria.

The EFCC has not yet disclosed the exact amount recovered or the identities of those arrested in connection with the fraud.