A Federal High Court in Abuja has granted bail to two alleged operators of Crypto Bridge Exchange (CBEX), a collapsed crypto investment platform accused of defrauding investors of over $1 billion.
Justice Mohammed Umar approved bail for Awerosuo Otorudo and Chukwuebuka Ehirim at N10 million each, with two sureties who must own property within the court’s jurisdiction. The trial begins October 13.
The duo was charged by the EFCC for allegedly running an unlicensed investment scheme that promised up to 88% returns without regulatory approval.
According to investigators, CBEX lured users into converting their digital assets into stablecoins and depositing them into crypto wallets controlled by the suspects. Victims lost access to the platform after deposits were made.
EFCC says CBEX operated without proper licenses and moved funds after abandoning registered addresses, leaving investors stranded.