Nigerian court green lights arrest for six CBEX promoters — Report

Quick Summary:

The suspects in the cases did not appear to have been arrested at the time of publication. “[The defendants used] their company ST Technologies International Limited, promoted another company Crypto Bridge Exchange by making adverts, and lured unsuspecting members of the public to invest cryptocurrencies on the CBEX investment platform,” the EFCC reportedly said in its motion for the arrest.

According to an April 24 report from Nigerian news outlet The Cable, the Federal High Court in Abuja approved the arrest and detention of six people who promoted the Crypto Bridge Exchange (CBEX), allegedly defrauding investors out of 1 billion naira, or roughly $620,000.

Related: Nigeria still open to crypto business despite rocky past: ReportIn April, many CBEX users began reporting that they could not withdraw their funds from the exchange, resulting in online outrage that led to real-world violence.

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Article Details

Author / Journalist: Cointelegraph by Turner Wright

Category: Crypto

Markets: United StatesNigerNigeria

Topics: Binance Case Arrest $620 Crypto Exchange Individuals Investors Nigeria Bridge Nigerian

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-25 @ 17:42:49 (17 hours ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 365 words

Reading Time: 3 minutes read

Sentences: 13 lines

Sentence Length: 29 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 28209303

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