February 21, 2024

BEWARE OF SAMUEL EKE CEO OF BRIDGE NETWORK AND SERIAL CRYPTO SCAMMER.

Two co-founders of Bridge Network, a web3 startup backed by FTX, have embezzled $750,000 from the company after it shut down due to a failed launch.

On or about January 2023 the the original group of co-founders and employees left the company due to a management dispute that ensued from a conflict centered on control of the company and a disagreement over access to the company’s crypto wallets.SEE BELOW

A decision was then made to refund investors funds of over $2.3m but then they initially declared $1.8m leaving a gap of an initial $500,000 in the two founders pockets spread across the company’s liquidity pools and other wallets. 

The company then distributed approximately $1.5m to investors and still kept another $300,000 in the company’s wallets which were then further embezzled initially by Favour Uzoaru under the guise of conniving with his lawyer Charles Adeyanju in order to cover his tracks making up a fictitious bill of $250,000 to open up a company in Estonia. Upon checking all company registration services in Estonia the said company registration only costs from as low as $350 to at most $5,000. Then Samuel Eke started building homes in Abuja Nigeria with Investors money. See pictures below. All employees of the company had left since February but they claimed there were still employees. 

Samuel Eke then further had access to approximately $300,000 in funds mostly in the liquidity pool of the company as he was the CTO (Chief Technology officer) he waited until September 2023 and then moved the remaining operational funds to a new crypto wallet after which another drama ensued between both thieves. Favour Uzoaru took Samuel Eke to Nigeria’s Economic and Financial Crimes Commission (EFCC) . Unaware of the origin of the funds the EFCC arranged a settlement whereby Samuel Eke paid Favour Uzoaru – $50,000 to keep his mouth shut and get off the EFCC’s radar. He had also paid other people in the EFCC as part of the said agreement.  The EFCC was supposedly unaware the origin of the funds were from investors in the company. Upon further investigation it was discovered that both Co-Founders are not even shareholders in the company.

A lot of the investors were not refunded including major investor FTX as they had gone bankrupt and were not contacted for the refund. The investors that were refunded were only refunded partially. SAMUEL EKE and FAVOUR UZOARU falsely claimed to have repaid all investors even after evidences show that at least 5-10 investors (including FTX) were never repaid not contacted and the amounts declared to the paid investors was incomplete aside from a few investors who were paid in full.

SAMUEL EKE’’S NIGERIAN BANK ACCOUNTS ARE STILL FROZEN BY THE EFCC AND ALTHOUGH HE LIED TO THE EFCC AND TO THE MEDIA IN SUBSEQUENT QUESTIONING. HE THEN FLED TO TURKEY UNDER THE GUISE OF A MASTERS EDUCATION PROGRAMME WHICH HE ALSO FUNDED WITH BRIDGE NETWORK FUNDS.

Calculation table below.

Total Amount Raised = $4,235,000 (Private and Public Sale)

Multi Signature wallet  = $1,807,141.59  – Blockchain transactions

Pools (Stablecoins) – $245,209  

Pools (Non – Stablecoins – approx $30k – exact amount unverified (mostly in Polygon Matic)

Pancake Swap – Approx $20k

MEXC liquidity – $13k

Revolut Card – $8k

Current AUM – $2,187,350

Lawyers – $126k

Plus lawyer fees $2,313,350

Employees Salaries for January – $55,000

The Co-Founders, Samuel Eke and Favour Uzoaru both decided to steal the company’’s money and didn’t refund investors nor inform them about the remainder of the funds.

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