Buzzapp Master 
The Economic and Financial Crimes Commission (EFCC) has found that money linked to the failed crypto platform, CBEX, has been moved to at least four different countries.
Speaking during an interview on Channels Television on Wednesday night, EFCC Chairman Ola Olukoyede said the agency is working hard to recover the stolen money. However, he warned that it may not be possible to pay back all the victims.
Olukoyede explained that the EFCC has frozen some bank accounts connected to the scam and secured some funds. But he did not mention how much has been recovered so far.
He also said that most of the stolen money was moved through cryptocurrency, using wallets outside Nigeria, making it harder to trace and recover.
“We have blocked some accounts and frozen some funds. I can’t give an exact figure yet, but it is a reasonable amount,” Olukoyede said.
“I must be honest we cannot promise that every victim will get their money back. A lot of the money has already been spent or moved outside Nigeria.”
He added that the main people behind the CBEX scheme are foreigners who are not within Nigeria’s legal reach.
“We have traced the money to three or four different countries. Many of those involved are not Nigerians, and they are outside our system,” he said.
“It took a lot of effort to freeze the assets we have secured so far.”
Olukoyede also confirmed that three suspects have been arrested.
He said they are in EFCC custody and have given important information to help the investigation.
“Right now, we have three people in custody who have made very useful statements,” he added.
The EFCC promised to continue working to recover more money and will update Nigerians on any new progress. However, they warned that getting back all the stolen money may not be possible.
GIPHY App Key not set. Please check settings