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{"actor":"system:backfill","investigation_id":"4da399d3-d15c-481e-a37e-dda4e4d30282","kind":"publish","page_slug":"cbex-cryptobridge-exchange","published_at":"2026-09-27T17:06:26.966Z","sequence_num":1,"snapshot":{"content_type":"investigation","entity_name":"CBEX (CryptoBridge Exchange)","sections":[{"content":"CBEX presented itself as an AI-powered cryptocurrency arbitrage trading platform, promising investors returns of up to 100 percent within 30 to 45 days of deposit. The platform collected deposits primarily in USDT on the TRON blockchain and issued daily 'signals' — alphanumeric codes investors would enter into the platform, purportedly triggering automated AI trades on their behalf. According to the NFIU and multiple press investigations, no real trading activity underpinned these returns; early investors received payouts drawn from subsequent deposits, a structure consistent with a Ponzi scheme. CBEX launched operations in Nigeria in July 2024 and subsequently expanded to Kenya. The platform also offered tiered referral bonuses, accelerating recruitment. The Nigerian Securities and Exchange Commission (SEC) confirmed at no point was CBEX or any of its affiliates registered as a Digital Asset Exchange or otherwise authorised to solicit public investment in Nigeria.","heading":"Overview and Scheme Mechanics","severity":"critical","sources":[{"credibility":1,"name":"Al Jazeera: 'I invested in a Ponzi scheme' — Nigerians fall victim to crypto scams","type":"news_article","url":"https://www.aljazeera.com/features/2025/6/11/i-invested-in-a-ponzi-scheme-nigerians-fall-victim-to-crypto-scams"},{"credibility":1,"name":"France24: CBEX crypto scam — AI-hyped Ponzi scheme defrauds African investors","type":"news_article","url":"https://www.france24.com/en/live-news/20250701-cbex-crypto-scam-ai-hyped-ponzi-scheme-defrauds-african-investors"},{"credibility":2,"name":"Nairametrics: EFCC arraigns 2 CBEX promoters for promising Nigerians 88% investment returns without SEC consent","type":"news_article","url":"https://nairametrics.com/2025/07/07/efcc-arraigns-2-cbex-promoters-for-promising-nigerians-88-investment-returns-without-sec-consent/"}]},{"content":"Nigeria's Financial Intelligence Unit (NFIU) estimated that investor losses from CBEX totalled approximately 1.3 trillion naira, equivalent to roughly $840 million at prevailing exchange rates. The EFCC has stated the scheme affected more than 600,000 Nigerian investors. Kenyan losses were additionally reported, with one source citing BBC figures of KES 104.87 billion (approximately $812 million) when Nigerian and Kenyan exposure is aggregated. These figures originate from official Nigerian government bodies and established news organisations; the exact consolidated global figure has not been independently verified by a court or auditor as of the writing of this page. Some promoters have disputed the scale, claiming only approximately 126 billion naira was at risk and asserting a UK audit was underway — a claim that has not been substantiated and which regulators have not endorsed.","heading":"Scale of Alleged Losses and Victim Count","severity":"critical","sources":[{"credibility":1,"name":"Al Jazeera — NFIU 1.3 trillion naira figure cited","type":"news_article","url":"https://www.aljazeera.com/features/2025/6/11/i-invested-in-a-ponzi-scheme-nigerians-fall-victim-to-crypto-scams"},{"credibility":2,"name":"BeinCrypto: CBEX Collapse — 800 Million Dollar Crypto Scam Shakes Nigeria","type":"news_article","url":"https://beincrypto.com/cbex-collapse-nigeria-kenya/"},{"credibility":2,"name":"Tribune Online: Senate probes Ponzi schemes in Nigeria, loss of N1.3trn to CBEX crash","type":"news_article","url":"https://tribuneonlineng.com/senate-probes-ponzi-schemes-in-nigeria-loss-of-n1-3trn-to-cbex-crash/"},{"credibility":2,"name":"Bitget News: CBEX Collapse — The $800 Million Crypto Scam That Shook Nigeria and Kenya","type":"news_article","url":"https://www.bitget.com/news/detail/12560604703426"}]},{"content":"CBEX employed multiple tactics to project false legitimacy. The platform adopted the 'CBEX' acronym deliberately to evoke the China Beijing Equity Exchange (CBEX), a legitimate state-run Chinese property rights trading firm established in 1994, a practice described as 'brandjacking' by investigators. CBEX also falsely claimed to have been founded approximately a decade before its actual 2024 launch in Nigeria, and claimed its ST Technologies team had eight years of operational history. The platform additionally claimed to be licensed in the United States and Japan, claims that have not been substantiated. A particularly significant misrepresentation involved an EFCC Anti-Money Laundering certificate issued to ST Technologies International Limited; CBEX operators presented this to prospective investors as regulatory clearance for investment operations. The EFCC has clarified that the certificate was issued solely for 'consultancy services' and does not authorise the solicitation of public investment or the operation of a digital asset exchange.","heading":"Deceptive Identity and Regulatory Misrepresentation","severity":"critical","sources":[{"credibility":1,"name":"France24: CBEX crypto scam — AI-hyped Ponzi scheme defrauds African investors","type":"news_article","url":"https://www.france24.com/en/live-news/20250701-cbex-crypto-scam-ai-hyped-ponzi-scheme-defrauds-african-investors"},{"credibility":2,"name":"Techloy: CBEX and the Rise of AI-Powered Crypto Scams","type":"news_article","url":"https://www.techloy.com/cbex-and-the-rise-of-ai-powered-crypto-scams/"},{"credibility":2,"name":"Sahara Reporters: How Hong Kong Watchdog Raised Red Flag on Ponzi Scheme CBEX in 2024","type":"news_article","url":"https://saharareporters.com/2025/04/15/how-hong-kong-watchdog-raised-red-flag-ponzi-scheme-cbex-exposed-scam-in-2024"}]},{"content":"On 23 April 2024, approximately three months before CBEX launched its Nigerian operation, the Hong Kong Securities and Futures Commission (SFC) added CBEX Group to its Suspicious Virtual Asset Trading Platforms Alert List. The SFC warned that CBEX Group was not licensed to conduct digital trading in Hong Kong, Japan, or Canada, despite the company's claims, and noted that the platform had adopted a name deliberately similar to a legitimate Chinese financial institution. The SFC further warned that many users had reported withdrawal difficulties and that bogus withdrawal records may have been used to deceive users. This alert was a publicly accessible regulatory warning that preceded the Nigerian collapse by approximately one year.","heading":"Prior Regulatory Warning — Hong Kong SFC (April 2024)","severity":"high","sources":[{"credibility":1,"name":"Securities and Futures Commission of Hong Kong — CBEX Group Alert List Entry","type":"regulatory","url":"https://www.sfc.hk/en/alert-list/3024"},{"credibility":2,"name":"Fintech News Hong Kong: SFC Warns Against 'CBEX Group' and 'Bitget Pro' for Crypto Fraud","type":"news_article","url":"https://fintechnews.hk/28671/blockchain/sfc-warns-against-cbex-group-and-bitget-pro-for-crypto-fraud/"},{"credibility":2,"name":"Techpression: CBEX Crash — Hong Kong warned public about fraudulent AI trading platform in 2024","type":"news_article","url":"https://techpression.com/cbex-crash-hong-kong-warned-public-about-fraudulent-ai-trading-platform-in-2024/"}]},{"content":"CBEX froze all user withdrawals on or around 14–17 April 2025. On 17 April 2025, the Nigerian Securities and Exchange Commission issued a public warning urging investors to refrain from engaging with CBEX. Following the freeze, operators initially claimed the platform had been hacked. Thereafter, CBEX began demanding verification fees of $100 to $200 from users seeking to access frozen accounts — funds that victims reported were not recovered and which had no effect on restoring access. Operators subsequently announced that a June 25, 2025 deadline would see 50 percent of locked funds returned following a 'UK government audit'; that deadline passed without any distributions being made. The operators then extended the claimed audit timeline to December 25, 2025.","heading":"Collapse, Withdrawal Freeze, and Post-Collapse Deception","severity":"critical","sources":[{"credibility":2,"name":"TechCabal: CBEX launches new Ponzi scheme without refunding Nigerians","type":"news_article","url":"https://techcabal.com/2025/07/03/cbex-launches-new-ponzi-scheme/"},{"credibility":2,"name":"CoinGeek: $800M CBEX scam resumes operations in Nigeria despite crackdown","type":"news_article","url":"https://coingeek.com/800m-cbex-scam-resumes-operations-in-nigeria-despite-crackdown/"},{"credibility":1,"name":"France24: CBEX crypto scam — AI-hyped Ponzi scheme defrauds African investors","type":"news_article","url":"https://www.france24.com/en/live-news/20250701-cbex-crypto-scam-ai-hyped-ponzi-scheme-defrauds-african-investors"}]},{"content":"Blockchain analytics firm Elliptic published an investigation finding that CBEX operators had begun moving and obscuring funds via cross-chain laundering methods while the scheme was still actively defrauding investors — not merely after the collapse. The primary technique identified was 'chain-hopping': funds deposited on the TRON blockchain were routed through cross-chain bridges to Ethereum and then back to TRON across hundreds of structured wallets. Elliptic noted that the operators used cross-chain bridges specifically because those bridges lack the know-your-customer (KYC) requirements imposed by centralised exchanges, making manual tracing across block explorers extremely time-intensive. The earliest identified cross-chain swap activity traced back to October 2024, suggesting laundering commenced well before the April 2025 collapse. The significant transaction fees incurred during these transfers are, per Elliptic, consistent with obfuscation activity rather than legitimate trading.","heading":"On-Chain Laundering Activity","severity":"critical","sources":[{"credibility":2,"name":"Elliptic: Investigating CBEX — The Ponzi scheme that began laundering crypto cross-chain while still defrauding investors","type":"research","url":"https://www.elliptic.co/blog/investigating-cbex"}]},{"content":"Nigeria's Economic and Financial Crimes Commission (EFCC) obtained a Federal High Court order in Abuja in April 2025 authorising the arrest and detention of six CBEX promoters. The EFCC subsequently declared eight individuals wanted, publishing photographs of four Nigerian and four Kenyan suspects. The four Kenyan suspects named by the EFCC are: Johnson Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera, and Serah Michiro. Two Nigerian promoters — Avwerosuo Otorudo and Chukwuebuka Ehirim — were arraigned before Justice Mohammed Umar in the Federal High Court, Abuja on 7 July 2025 in case FHC/ABJ/CR/216/2025. They face a three-count charge alleging operation of an unlicensed cryptocurrency investment scheme, invitation of public deposits without banking authorisation, and promising returns of up to 88 percent without SEC written consent, in violation of Nigeria's Investment and Securities Act 2025 and the Banks and Other Financial Institutions Act 2020. Both defendants pleaded not guilty. A third defendant, Adefowora Abiodun Olanipekun, Managing Director of ST Technologies International Limited, was arraigned on a separate eight-count amended charge in case FHC/ABJ/CR/215/2025 and also pleaded not guilty. His bail application was pending as of late July 2025. Additional co-defendants named in court filings include Adefowora Oluwanisola, Emmanuel Uko, and Seyi Oloyede. The EFCC stated it has recovered a portion of the stolen funds and has engaged Interpol and the FBI to assist in tracing remaining assets and suspects. All named individuals are accused and have entered not-guilty pleas; no convictions had been entered as of the most recent reporting available.","heading":"Law Enforcement Actions and Court Proceedings","severity":"high","sources":[{"credibility":2,"name":"Nairametrics: EFCC arraigns 2 CBEX promoters for promising Nigerians 88% investment returns without SEC consent","type":"news_article","url":"https://nairametrics.com/2025/07/07/efcc-arraigns-2-cbex-promoters-for-promising-nigerians-88-investment-returns-without-sec-consent/"},{"credibility":2,"name":"Premium Times: EFCC recovers part of CBEX funds, arrests two suspects","type":"news_article","url":"https://www.premiumtimesng.com/news/top-news/797086-efcc-recovers-part-of-cbex-funds-arrests-two-suspects-official.html"},{"credibility":2,"name":"Legit.ng: CBEX Scam — EFCC Declares 8 Persons Wanted, Releases Their Photos","type":"news_article","url":"https://www.legit.ng/nigeria/1651978-cbex-scam-efcc-declares-4-person-wanted-releases-photographs/"},{"credibility":2,"name":"Techweez: Nigeria Issues Arrest Warrants for Four Kenyans in CBEX Crypto Fraud","type":"news_article","url":"https://techweez.com/2025/04/30/cbex-fraud-kenyan-suspects/"},{"credibility":2,"name":"Vanguard News: Court admits 2 CBEX promoters to N10m bail each, as EFCC arraigns another","type":"news_article","url":"https://www.vanguardngr.com/2025/07/court-admits-2-cbex-promoters-to-n10m-bail-each-as-efcc-arraigns-another/"},{"credibility":2,"name":"Nairametrics: Court grants bail to two CBEX promoters amid crypto investment fraud allegations","type":"news_article","url":"https://nairametrics.com/2025/07/21/court-grants-bail-to-two-cbex-promoters-amid-crypto-investment-fraud-allegations/"}]},{"content":"Despite an ongoing EFCC investigation and a Nigerian SEC public warning, CBEX quietly resumed accepting new registrations in May 2025, offering new users the ability to trade and withdraw profits while restricting older users' access pending the claimed UK audit. The resumed operation required existing investors to 'reinject' capital before their accounts would be restored, a structure that analysts and victim groups characterised as an additional layer of fraud targeting already-defrauded investors. By July 2025, TechCabal reported that CBEX had introduced a successor-branded entity called HHHE Limited, claiming a partnership with a company called 'ZS Exchange'. Searches for ZS Exchange returned no credible results, and TechCabal found no registered company under that name and no indication of legitimate operations. The Nigerian Senate passed a resolution in 2025 to mandate four committees to conduct a comprehensive investigative hearing into CBEX and related Ponzi schemes. As of the date of this page, no court ruling has been issued on the merits of the fraud charges; the EFCC proceedings remain at the pre-trial stage.","heading":"Resumed Activity and Successor Schemes","severity":"critical","sources":[{"credibility":2,"name":"TechCabal: CBEX launches new Ponzi scheme without refunding Nigerians","type":"news_article","url":"https://techcabal.com/2025/07/03/cbex-launches-new-ponzi-scheme/"},{"credibility":2,"name":"CoinGeek: $800M CBEX scam resumes operations in Nigeria despite crackdown","type":"news_article","url":"https://coingeek.com/800m-cbex-scam-resumes-operations-in-nigeria-despite-crackdown/"},{"credibility":2,"name":"Leadership Nigeria: CBEX Resumes Operations Amid EFCC Probe","type":"news_article","url":"https://leadership.ng/cbex-resumes-operations-amid-efcc-probe/"},{"credibility":2,"name":"Legit.ng: CBEX Defies EFCC Probe, Resumes Operations, Promises Bonuses And Easy Withdrawal To New Investors","type":"news_article","url":"https://www.legit.ng/business-economy/economy/1651890-cbex-resumes-operations-promising-new-investors-easy-withdrawals/"},{"credibility":2,"name":"Tribune Online: Senate probes Ponzi schemes in Nigeria, loss of N1.3trn to CBEX crash","type":"news_article","url":"https://tribuneonlineng.com/senate-probes-ponzi-schemes-in-nigeria-loss-of-n1-3trn-to-cbex-crash/"}]},{"content":"Multiple reports indicated that user KYC data collected by CBEX during the account registration process may have been leaked to darknet markets following the platform's collapse. This allegation, if accurate, would represent an additional harm to victims beyond financial loss. As of available reporting, this claim has not been confirmed by a regulatory body or law enforcement agency and should be treated as an unverified allegation.","heading":"Data Security Concerns","severity":"high","sources":[{"credibility":2,"name":"Bitget News: CBEX Collapse — The $800 Million Crypto Scam That Shook Nigeria and Kenya","type":"news_article","url":"https://www.bitget.com/news/detail/12560604703426"}]}],"sources_used":[{"credibility":1,"name":"Al Jazeera: 'I invested in a Ponzi scheme' — Nigerians fall victim to crypto scams","type":"news_article","url":"https://www.aljazeera.com/features/2025/6/11/i-invested-in-a-ponzi-scheme-nigerians-fall-victim-to-crypto-scams"},{"credibility":1,"name":"France24: CBEX crypto scam — AI-hyped Ponzi scheme defrauds African investors","type":"news_article","url":"https://www.france24.com/en/live-news/20250701-cbex-crypto-scam-ai-hyped-ponzi-scheme-defrauds-african-investors"},{"credibility":2,"name":"Elliptic: Investigating CBEX — The Ponzi scheme that began laundering crypto cross-chain while still defrauding investors","type":"research","url":"https://www.elliptic.co/blog/investigating-cbex"},{"credibility":1,"name":"Securities and Futures Commission of Hong Kong — CBEX Group Alert List Entry","type":"regulatory","url":"https://www.sfc.hk/en/alert-list/3024"},{"credibility":2,"name":"Nairametrics: EFCC arraigns 2 CBEX promoters for promising Nigerians 88% investment returns without SEC consent","type":"news_article","url":"https://nairametrics.com/2025/07/07/efcc-arraigns-2-cbex-promoters-for-promising-nigerians-88-investment-returns-without-sec-consent/"},{"credibility":2,"name":"Nairametrics: Court grants bail to two CBEX promoters amid crypto investment fraud allegations","type":"news_article","url":"https://nairametrics.com/2025/07/21/court-grants-bail-to-two-cbex-promoters-amid-crypto-investment-fraud-allegations/"},{"credibility":2,"name":"Premium Times: EFCC recovers part of CBEX funds, arrests two suspects","type":"news_article","url":"https://www.premiumtimesng.com/news/top-news/797086-efcc-recovers-part-of-cbex-funds-arrests-two-suspects-official.html"},{"credibility":2,"name":"Sahara Reporters: EFCC Announces Recovery Of Funds From N1.3Trillion CBEX Crypto Scam, Makes Arrests","type":"news_article","url":"https://saharareporters.com/2025/05/26/efcc-announces-recovery-funds-n13trillion-cbex-crypto-scam-makes-arrests"},{"credibility":2,"name":"Sahara Reporters: Nigerian High Court Orders EFCC To Arrest, Detain Six Promoters Of CBEX Scheme","type":"news_article","url":"https://saharareporters.com/2025/04/24/nigerian-high-court-orders-efcc-arrest-detain-six-promoters-ill-fated-cbex-scheme"},{"credibility":2,"name":"Legit.ng: CBEX Scam — EFCC Declares 8 Persons Wanted, Releases Their Photos","type":"news_article","url":"https://www.legit.ng/nigeria/1651978-cbex-scam-efcc-declares-4-person-wanted-releases-photographs/"},{"credibility":2,"name":"Techweez: Nigeria Issues Arrest Warrants for Four Kenyans in CBEX Crypto Fraud","type":"news_article","url":"https://techweez.com/2025/04/30/cbex-fraud-kenyan-suspects/"},{"credibility":2,"name":"TechCabal: CBEX launches new Ponzi scheme without refunding Nigerians","type":"news_article","url":"https://techcabal.com/2025/07/03/cbex-launches-new-ponzi-scheme/"},{"credibility":2,"name":"CoinGeek: $800M CBEX scam resumes operations in Nigeria despite crackdown","type":"news_article","url":"https://coingeek.com/800m-cbex-scam-resumes-operations-in-nigeria-despite-crackdown/"},{"credibility":2,"name":"BeinCrypto: CBEX Collapse — 800 Million Dollar Crypto Scam Shakes Nigeria","type":"news_article","url":"https://beincrypto.com/cbex-collapse-nigeria-kenya/"},{"credibility":2,"name":"Tribune Online: Senate probes Ponzi schemes in Nigeria, loss of N1.3trn to CBEX crash","type":"news_article","url":"https://tribuneonlineng.com/senate-probes-ponzi-schemes-in-nigeria-loss-of-n1-3trn-to-cbex-crash/"},{"credibility":2,"name":"Vanguard News: Court admits 2 CBEX promoters to N10m bail each, as EFCC arraigns another","type":"news_article","url":"https://www.vanguardngr.com/2025/07/court-admits-2-cbex-promoters-to-n10m-bail-each-as-efcc-arraigns-another/"},{"credibility":2,"name":"ThisDay Live: Arraignment of Additional CBEX Promoter Suffers Setback","type":"news_article","url":"https://www.thisdaylive.com/2025/07/10/arraignment-of-additional-cbex-promoter-suffers-setback/"},{"credibility":2,"name":"Leadership Nigeria: CBEX Resumes Operations Amid EFCC Probe","type":"news_article","url":"https://leadership.ng/cbex-resumes-operations-amid-efcc-probe/"},{"credibility":2,"name":"Legit.ng: CBEX Defies EFCC Probe, Resumes Operations, Promises Bonuses And Easy Withdrawal To New Investors","type":"news_article","url":"https://www.legit.ng/business-economy/economy/1651890-cbex-resumes-operations-promising-new-investors-easy-withdrawals/"},{"credibility":2,"name":"Fintech News Hong Kong: SFC Warns Against CBEX Group and Bitget Pro for Crypto Fraud","type":"news_article","url":"https://fintechnews.hk/28671/blockchain/sfc-warns-against-cbex-group-and-bitget-pro-for-crypto-fraud/"},{"credibility":2,"name":"Techloy: CBEX and the Rise of AI-Powered Crypto Scams","type":"news_article","url":"https://www.techloy.com/cbex-and-the-rise-of-ai-powered-crypto-scams/"},{"credibility":2,"name":"Bitget News: CBEX Collapse — The $800 Million Crypto Scam That Shook Nigeria and Kenya","type":"news_article","url":"https://www.bitget.com/news/detail/12560604703426"},{"credibility":2,"name":"Guardian Nigeria: CBEX crypto scam — How AI-hyped Ponzi scheme defrauded African investors","type":"news_article","url":"https://guardian.ng/business-services/money/cbex-crypto-scam-how-ai-hyped-ponzi-scheme-defrauded-african-investors/"}],"summary":"CBEX (Crypto Bridge Exchange), operated through the Nigerian registered shell company ST Technologies International Limited, was an AI-themed investment scheme that targeted retail investors primarily in Nigeria and Kenya between July 2024 and April 2025. The Nigeria Financial Intelligence Unit (NFIU) estimated investor losses at approximately 1.3 trillion naira (roughly $840 million), making it one of the largest crypto-related fraud collapses in African history. Nigeria's EFCC has arrested multiple promoters and arraigned them in the Federal High Court in Abuja; prosecutions were ongoing as of mid-2025.","timeline":[{"date":"2024-04-23","event":"Hong Kong Securities and Futures Commission (SFC) adds CBEX Group to its Suspicious Virtual Asset Trading Platforms Alert List, warning it is unlicensed and that users have reported withdrawal difficulties.","source":"SFC Hong Kong Alert List / Fintech News HK","source_url":"https://www.sfc.hk/en/alert-list/3024"},{"date":"2024-07-01","event":"CBEX launches operations in Nigeria, presenting itself as an AI-powered crypto arbitrage platform and promising returns of up to 100% in 30–45 days.","source":"France24 / Al Jazeera","source_url":"https://www.france24.com/en/live-news/20250701-cbex-crypto-scam-ai-hyped-ponzi-scheme-defrauds-african-investors"},{"date":"2024-10-01","event":"Elliptic's investigation identifies the earliest on-chain cross-chain swap activity consistent with fund laundering, indicating TRON-to-Ethereum bridging began around this period.","source":"Elliptic","source_url":"https://www.elliptic.co/blog/investigating-cbex"},{"date":"2025-01-01","event":"ST Technologies International Limited, the Nigerian entity used to operate CBEX, obtains an EFCC Anti-Money Laundering certificate, which is subsequently misrepresented to investors as operational regulatory clearance.","source":"France24 / Techloy","source_url":"https://www.france24.com/en/live-news/20250701-cbex-crypto-scam-ai-hyped-ponzi-scheme-defrauds-african-investors"},{"date":"2025-04-14","event":"CBEX freezes all user withdrawals. Operators initially claim the platform was hacked.","source":"TechCabal / CoinGeek","source_url":"https://techcabal.com/2025/07/03/cbex-launches-new-ponzi-scheme/"},{"date":"2025-04-17","event":"Nigeria's Securities and Exchange Commission issues a public warning urging investors to refrain from engaging with CBEX, confirming it was never registered as a Digital Asset Exchange.","source":"France24 / Nairametrics","source_url":"https://www.france24.com/en/live-news/20250701-cbex-crypto-scam-ai-hyped-ponzi-scheme-defrauds-african-investors"},{"date":"2025-04-24","event":"Federal High Court in Abuja grants the EFCC authorisation to arrest and detain six CBEX promoters. Named suspects include Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo, and Chukwuebuka Ehirim.","source":"Sahara Reporters / Business247News","source_url":"https://saharareporters.com/2025/04/24/nigerian-high-court-orders-efcc-arrest-detain-six-promoters-ill-fated-cbex-scheme"},{"date":"2025-04-25","event":"Suspects Avwerosuo Otorudo and Chukwuebuka Ehirim are taken into EFCC custody.","source":"Nairametrics","source_url":"https://nairametrics.com/2025/07/07/efcc-arraigns-2-cbex-promoters-for-promising-nigerians-88-investment-returns-without-sec-consent/"},{"date":"2025-04-30","event":"EFCC issues international warrants for four Kenyan suspects: Johnson Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera, and Serah Michiro.","source":"Techweez","source_url":"https://techweez.com/2025/04/30/cbex-fraud-kenyan-suspects/"},{"date":"2025-05-01","event":"CBEX quietly resumes accepting new user registrations despite the ongoing EFCC investigation, offering new accounts withdrawal access while restricting existing victims.","source":"Naija News / Leadership Nigeria","source_url":"https://leadership.ng/cbex-resumes-operations-amid-efcc-probe/"},{"date":"2025-05-26","event":"EFCC announces partial recovery of CBEX funds and confirms two arrests. Exact recovered amount is not publicly disclosed.","source":"Sahara Reporters / Premium Times","source_url":"https://saharareporters.com/2025/05/26/efcc-announces-recovery-funds-n13trillion-cbex-crypto-scam-makes-arrests"},{"date":"2025-06-25","event":"Operators' self-imposed deadline to return 50% of locked funds passes without any distributions. The claimed UK-government audit is not substantiated.","source":"TechCabal","source_url":"https://techcabal.com/2025/07/03/cbex-launches-new-ponzi-scheme/"},{"date":"2025-07-03","event":"TechCabal reports CBEX has introduced a successor entity branded HHHE Limited, claiming partnership with an unverifiable company called ZS Exchange.","source":"TechCabal","source_url":"https://techcabal.com/2025/07/03/cbex-launches-new-ponzi-scheme/"},{"date":"2025-07-07","event":"Avwerosuo Otorudo and Chukwuebuka Ehirim are arraigned before Justice Mohammed Umar at the Federal High Court Abuja (case FHC/ABJ/CR/216/2025) on three counts. Both plead not guilty.","source":"Nairametrics","source_url":"https://nairametrics.com/2025/07/07/efcc-arraigns-2-cbex-promoters-for-promising-nigerians-88-investment-returns-without-sec-consent/"},{"date":"2025-07-09","event":"Adefowora Abiodun Olanipekun, Managing Director of ST Technologies International Limited, is arraigned on an eight-count amended charge (case FHC/ABJ/CR/215/2025) and pleads not guilty.","source":"ThisDay Live / Vanguard News","source_url":"https://www.thisdaylive.com/2025/07/10/arraignment-of-additional-cbex-promoter-suffers-setback/"},{"date":"2025-07-21","event":"Federal High Court grants bail of N10 million each to two CBEX promoters. Trial commencement date adjourned to October 13, 2025.","source":"Nairametrics / Vanguard News","source_url":"https://nairametrics.com/2025/07/21/court-grants-bail-to-two-cbex-promoters-amid-crypto-investment-fraud-allegations/"}]},"v":1}