The Federal Supreme Court of Abuja authorized the commission on economic and financial crimes of Nigeria (EFCC) to arrest six promoters of the Crypto Bridge Exchange (CBEX) for fraud in the amount of $ 1 billion.

Judge Emeka Nwite satisfied the application of the EFCC, which demanded to issue orders to detain the suspects and a decision to detain them.

EFCC claims that Adefowra Olanipekun, Adefowra Oluwanisola, Emmanuel Uko, Seyii Oloyede, Avverosuo, Avverosuo, Avverosuo. (Avwerosuo Otorudo) and Chukwuebuka Ehirim organized a fraudulent scheme using CBEX and ST Technologies International Limited, deceiving thousands of investors.

The creators of the crypto -scheme promised customers up to 100% of the profit from invested funds converted into USDT stablecoins. At first, investors were given access to the control panel on the platform, where they could track their assets. However, as soon as the platform raised more than $ 1 billion from depositors, their money was blocked, and the withdrawal of funds is not available.

EFCC noted that ST Technologies was registered with the corporate issue commission, but did not receive the approval of the securities and exchange of Nigeria (SEC) for the provision of investment services. Now the suspects are hiding from judicial persecution.

A few weeks ago, President of Nigeria Bola Tinubu signed an investment law according to which cryptocurrencies are considered securities. Earlier, the Minister of Information Nigeria Mohammed Idris said that the country remains open to cooperation with crypto companies.