Nigerian Authorities Pursue Four Kenyans Over Hacked CBEX Crypto Trading Platform

Nigerian financial crime authorities have launched an international manhunt for four Kenyan nationals allegedly involved in a cryptocurrency scam that has left investors across multiple African countries with significant losses.

The Economic and Financial Crimes Commission (EFCC) of Nigeria has identified eight suspects, including four Kenyans, in connection with the Crypto Bridge Exchange (CBEX) platform breach that occurred approximately two weeks ago. The platform’s collapse wiped out user accounts across Kenya, Nigeria, and Egypt.

According to a public notice issued by the EFCC on Friday, the Kenyan suspects are John Okiroh Otieno, Israel Mbaluka, Joseph Michiro Kabera, and Serah Michiro. All four had reportedly been residing in Lagos, Nigeria. Four Nigerian nationals were also named in the investigation: Seyi Oloyede, Emmanuel Uko, Adefowora Oluwanisola, and Adefowora Abiodun Olaonipekun.

“The public is hereby notified that the persons whose photographs appear above are suspected foreign accomplices wanted by the EFCC for fraud allegedly perpetrated on an online trading platform called Crypto Bridge Exchange,” the watchdog stated in its notice.

The CBEX platform had attracted significant attention across several African countries by promising investors AI-powered trading returns of up to 30 percent within just 30 days, along with lucrative referral bonuses and supposedly easy withdrawal processes.

These promises came crashing down when users discovered their accounts had been emptied and withdrawals were suddenly impossible.

Nigerian investigators have determined that CBEX was never properly registered or licensed to operate as a digital asset exchange in Nigeria or any other African jurisdiction.

The Securities Exchange Commission of Nigeria found that CBEX “engaged in promotional activities to create a false perception of legitimacy, in order to entice unsuspecting members of the public into investing monies, with the promise of implausibly high guaranteed returns within a short timeframe.”

The collapse of CBEX came to public attention earlier this month when users reported their cryptocurrency wallets had been “wiped clean” in what the platform initially claimed was a hacking incident.

CBEX subsequently promised refunds beginning April 19, 2025, but later postponed this timeline to June 2025, citing an alleged audit by UK authorities.

In a development that further alarmed investors, CBEX announced that users would need to pay verification fees ranging from $100 to $200 (approximately Ksh 12,961 to Ksh 25,929) before any refund processing could begin.

The EFCC has reportedly engaged Interpol and the FBI to help track down the suspects.

Meanwhile, Kenyan authorities have yet to publicly comment on the situation or launch their own investigation, despite Kenya having an estimated 730,000 cryptocurrency users who could potentially be affected.

This case highlights the risks within Kenya’s active but currently unregulated cryptocurrency market, which the National Treasury intends to bring under the regulatory control of the Central Bank of Kenya and the Capital Markets Authority in the future.​​​​​​​​​​​​​​​​