Court Grants EFCC’s request to arrest Promoters
April 25, 2025 – ST Newsroom
The ST Team has issued an official statement addressing the recent controversy surrounding media reports on alleged financial losses and the subsequent audit of its CBEX operations by the UK government. The team refuted exaggerated claims circulated by some Nigerian media outlets, which they say inflated the alleged “loss amount” from N1.3 trillion to $6.1 million, and eventually to N2 trillion, without verifying facts through official channels.
According to the ST Team, these unverified figures have caused unnecessary panic, misrepresentation, and led to serious repercussions on the ST project and its partners, including scrutiny from the UK authorities.
The statement questioned the motives behind what it called “malicious exaggeration” by public media, asking: “Who instructed them to expand the incident and wrongly tag ST with a false loss figure? Why are some so eager to declare CBEX a scam while it continues to operate?”
The ST Team also highlighted the inconsistent narratives between Nigerian regulatory bodies, notably the EFCC and the SEC, which they believe contributed to the UK government’s decision to launch a thorough audit of the project.
In response to these developments, ST reassured its users that the project is not abandoned. “We promise that once the UK government audit is completed, user withdrawals through CBEX will gradually resume,” the team stated, estimating the process to span 30 to 60 days due to the volume of data involved. A concrete withdrawal date of June 25 has been set as the most reliable timeline.
Addressing user concerns, the team emphasized that 75% of ST users are still in profit, although many who joined in March have yet to make withdrawals. “Your funds are not permanently lost. We ask for your patience until June 25 at the latest,” the team assured.
Importantly, ST clarified that users are not required to top up or refer new members. However, for those still actively trading and without alternative income sources, the team suggested creating a new account using their own referral link and following ST’s trading signals. Based on internal projections, users may begin withdrawing again after meeting transaction requirements within approximately 20 days.
Additionally, the team reminded users that welcome bonuses and rebates are paid directly into exchange accounts and are available for direct withdrawal.
“We understand your frustration, but complaining will not help and may cause you to actually lose ST,” the statement read. “ST has never given up on you. If the project were truly a scam, why hasn’t the Nigerian government revoked our registration or CAC certificate?”
The ST Team explained that CBEX is an integral part of the registered ST project and emphasized that the company has actively worked against Ponzi schemes—actions that have disrupted vested interests and triggered resistance.
Looking ahead, the team indicated that ST may gradually withdraw from the Nigerian market after resolving all user withdrawals due to the fragmented support from users and constant attacks from affected interest groups.
“Time always brings the truth,” the statement concluded. “Africa will remember ST for a long time.”
In Another Development: Court Grants EFCC Arrest Warrant for CBEX Promoters over Alleged $1 Billion FraudIn a major twist to the ongoing CBEX saga, the Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six promoters of Crypto Bridge Exchange (CBEX). The court order, granted by Justice Emeka Nwite, follows an ex-parte motion filed by EFCC counsel, Fadila Yusuf, seeking the arrest and detention of the suspects pending the conclusion of investigations and possible prosecution.According to the EFCC, preliminary investigations reveal that the suspects, through ST Technologies International Limited, promoted CBEX and lured unsuspecting investors with promises of unrealistic returns of up to 100%. The anti-graft agency said a warrant of arrest was necessary to place the accused on the red watch list to aid in their apprehension.
In Another Development, the Federal High Court in Abuja has granted the Economic and Financial Crimes Commission (EFCC) permission to arrest and detain six promoters of Crypto Bridge Exchange (CBEX). The court order, granted by Justice Emeka Nwite, follows an ex-parte motion filed by EFCC counsel, Fadila Yusuf, seeking the arrest and detention of the suspects pending the conclusion of investigations and possible prosecution.
According to the EFCC, preliminary investigations reveal that the suspects, through ST Technologies International Limited, promoted CBEX and lured unsuspecting investors with promises of unrealistic returns of up to 100%. The anti-graft agency said a warrant of arrest was necessary to place the accused on the red watch list to aid in their apprehension.
I’m a victim of CBEx loss, I thought is genuine but on contrary, it’s just a scammer and robber.
I lost $111 to CBEX.
I will never in my life partake such a punzi again.
Yes, many people fell for their fraud. But this is a failure on the part of our government. How can they be invisible to be apprehended?