Hackers have reportedly stolen $4 million about ₦2.9 billion from leading Nigerian fintech unicorn, Flutterwave. The hack occurred in early Februar
Hackers have reportedly stolen $4 million about ₦2.9 billion from leading Nigerian fintech unicorn, Flutterwave.
The hack occurred in early February 2023 when the money was transferred from Flutterwave accounts in Nigeria.
Flutterwave’s legal counsel, Albert Onimole, reported the case to the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti, Yaba, Lagos, on February 19, 2023.
While police investigations are ongoing, Flutterwave sought to freeze accounts where hackers transferred some of the money.
To investigate accounts holding the stolen funds across various financial institutions in Nigeria, S.A. Adedesin, Legal Officer, State CID, Panti, Yaba, Lagos, filed a suit in the Magistrate Court of Lagos to support Flutterwave’s claims.
A motion to freeze accounts in 27 financial institutions in Nigeria, including Access Bank, Kuda, Zenith Bank, and OPay, has been filed.
It is still unclear who hacked Flutterwave or how the hackers got past the company’s security.
Questions about what this means for the fintech’s customers also remain unanswered.
Flutterwave’s users have reported that some commercial banks allowed the money to be moved to other accounts, widening the money trail.
Some Twitter users have confirmed that their accounts have been frozen in connection to the hack.
This development is happening just when the Kenyan government withdrew the financial impropriety charges against it, seven months after a Kenyan court froze about $3.3 million of its money due to alleged money laundering and card fraud allegations, which Flutterwave denied.
Flutterwave wave was founded by Olugbenga Agboola.