By Onilede Titi Faith
The Federal High Court in Abuja has denied bail to three Crypto Bridge Exchange (CBEX) promoters accused of a $1 billion cryptocurrency fraud.
Justice Emeka Nwite gave the ruling on June 30, 2025, keeping Adefowora Abiodun, Avwerosuo Otorudo, and Chukwuebuka Ehirim in EFCC custody.
The suspects, arrested in April, allegedly lured investors through ST Technologies International Ltd., promising 100% returns before the platform crashed, locking out over $1bn in deposits.
While their lawyers argued for bail on rights grounds, the EFCC opposed, citing the scale of the crime and ongoing investigations.
The court ruled in the EFCC’s favour, with formal charges expected soon.
