The Abuja court has allowed the arrest of the promoters of Crypto Bridge Exchange for fraud.

Judge Emeka Nwite (Emeka Nwite) granted the EFCC's request for the issuance of orders for the detention of suspects and an order for their imprisonment.

The EFCC alleges that Adefowora Olanipekun (Adefowora Olanipekun), Adefovora Oluwanisola (Adefowora Oluwanisola), Emmanuel Uko (Emmanuel Uko), Seyi Oloyede (Seyi Oloyede), Avverosuo Otorudo (Avwerosuo Otorudo) and Chukwuebuka Ehirim (Chukwuebuka Ehirim) set up a fraudulent scheme using the CBEX and ST Technologies International Limited platforms, defrauding thousands of investors.

The creators of the crypto scheme promised clients up to 100% profit on their invested funds converted into USDT stablecoins. Initially, investors were given access to a dashboard on the platform where they could track their assets. However, as soon as the platform collected over $1 billion from investors, their funds became locked, and withdrawals were unavailable.

The EFCC noted that ST Technologies was registered with the Corporate Affairs Commission, but did not receive approval from the Securities and Exchange Commission of Nigeria (SEC) to provide investment services. Currently, the suspects are evading prosecution.

A few weeks ago, Nigerian President Bola Tinubu (Bola Tinubu) signed an investment law that classifies cryptocurrencies as securities. Previously, Nigeria's Minister of Information Mohammed Idris (Mohammed Idris) stated that the country remains open to cooperation with crypto companies.