Nigeria’s Economic and Financial Crimes Commission (EFCC) has identified four Kenyans as suspects in a massive cryptocurrency scam tied to the now-defunct Crypto Bridge Exchange (CBEX), a fraudulent online trading platform operating across Kenya, Nigeria, and Egypt.
The four Kenyans — John Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera, and Serah Michiro — are accused of playing key roles in the Ponzi scheme, which duped investors of over US$840 million.
Also named are four Nigerian nationals: Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, and Adefowora Abiodun Olaonipekun.
In an official notice, the EFCC said, “The public is hereby notified that the persons whose photographs appear below are suspected foreign accomplices wanted by the Economic and Financial Crimes Commission (EFCC) for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange (CBEX).”
CBEX lured thousands of unsuspecting investors by presenting itself as a crypto-driven investment platform offering a suspiciously high 100% return on investment per month.
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However, the platform operated on a classic Ponzi model, using funds from new investors to pay off earlier participants, while heavily promoting referrals and reward schemes to accelerate growth.
The platform abruptly restricted withdrawals on April 9, 2025, before completely shutting down, leaving thousands of investors across three countries stranded.
The Nigerian Securities and Exchange Commission (SEC) has confirmed that CBEX was not licensed to operate in the country, making its activities illegal under the newly enacted Investment and Securities Act.
Authorities also clarified that CBEX had falsely associated itself with a legitimate Chinese firm bearing the same name.
As investigations widen, the EFCC has announced plans to work with INTERPOL to apprehend both local and foreign suspects connected to the scheme.
Meanwhile, in Kenya, regulators and investigative agencies have yet to issue any formal statement, despite Kenyan citizens being among the victims of the scam.
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