Nigerian Authorities Pursue Foreign National in $800M Crypto Fraud Case

Nigeria’s Economic and Financial Crimes Commission (EFCC) has launched a manhunt for Elie Bitar, a 41-year-old foreign national accused of orchestrating an $812 million cryptocurrency scam through the Crypto Bridge Exchange (CBEX) platform. The alleged fraud targeted thousands of Nigerian investors with promises of high returns on digital asset investments.

The EFCC issued a public notice featuring Bitar’s photograph and last known address in Lagos’ Lekki Phase 1 district. While the notice didn’t specify which cryptocurrencies were involved in the scheme, the case highlights growing regulatory scrutiny of crypto platforms operating in Africa’s largest economy.

This development comes amid Nigeria’s push to establish clearer cryptocurrency regulations, balancing fintech innovation with investor protection. The staggering ₦1.3 trillion figure represents one of the largest alleged crypto fraud cases in African history.