Anambra Investor Claims $82,000 Locked in Crypto Crash

Eugen O. Chukwubunna, an investor from Anambra, has reported that $82,000 is locked in the crashed cryptocurrency trading platform Afriq Arbitrage System (AA).

Chukwubunna testified before Justice Obiora Egwatu at the Federal High Court in Abuja, detailing his investment and the inability to withdraw funds following the platform's crash. The Economic and Financial Crimes Commission (EFCC) is prosecuting Jesam Michael, the CEO of AA, who is accused of fraud involving a total of 844,416,36, and 10,000, amounting to approximately N590 million.

The EFCC's counsel, Emeka Iheanacho, presented evidence, including screenshots of transactions made on the AA platform. Chukwubunna and other investors were assured by the CEO that their investments were safe, but later learned through a Telegram channel that another individual, Abayomi, had withdrawn significant funds.

The court proceedings have revealed that 50,000 victims are affected by the alleged fraud, and the trial is ongoing.