A Federal High Court in Abuja on April 25, 2025, granted the Economic and Financial Crimes Commission permission to arrest and detain six people tied to the Crypto Bridge Exchange fraud. 

The EFCC says the group lured investors with impossible promises and may have swindled more than $1 billion.

Unrealistic Returns Spark Investigation

According to the EFCC’s motion, the suspects used their firm, ST Technologies International Limited, to promote CBEX. They placed adverts promising returns up to 100%, drawing in crypto enthusiasts across Nigeria. Soon, red flags went up as many investors never saw their money again.

Justice Emeka Nwite approved the EFCC’s request for warrants against the six promoters. He ordered them held in EFCC custody while authorities dig deeper and prepare for trial. As of the court ruling, none of the suspects had been taken into custody.

Also Read: Nigeria Moves to Regulate and Tax Cryptocurrency Trading to Enhance Revenue

EFCC Teams Up with Interpol

The EFCC says it received intelligence about the CBEX fraud in April 2025 and acted swiftly to protect more would-be victims. 

It has enlisted Interpol and other global agencies to help trace the masterminds and recover stolen funds. This international cooperation marks a tougher stance against cross-border crypto crimes.

This crackdown is the latest in Nigeria’s push to police crypto platforms. In February 2024, authorities detained two Binance executives visiting to discuss business operations. 

That case, and the eight-month detention of US citizen Tigran Gambaryan on tax and money-laundering charges, drew sharp criticism from lawmakers and industry insiders. Gambaryan was finally sent back to the United States in late 2024.

Tax Suit Against Binance Moves On

Meanwhile, Nigeria’s tax evasion case against Binance continues. The exchange has no formal office inside Nigeria, but prosecutors are pressing on. The Ministry of Information declined to comment, leaving many questions about how authorities will enforce potential penalties.

On the other hand, even as the government pursues this case and an $80 billion lawsuit against Binance for alleged local losses, Nigeria remains open to legitimate Bitcoin ventures. The tax evasion claim against Binance continues, despite the exchange having no physical office in the country. 

With arrest warrants in hand and global partners on board, the EFCC aims to halt CBEX’s fraud and send a strong message. 

As investigations deepen, Nigeria’s crypto community will watch closely to see if this effort can recover lost funds and restore trust in digital-asset platforms.

Also Read: Binance Employee Detained In Nigeria, Denied Medical Facilities