Ambassador Wilfred Bonse Arrested in Connection to Crypto Exchange Security Breach
The Nigeria Police Force (NPF) has apprehended Ambassador Wilfred Bonse in relation to a security breach suffered by crypto exchange Patricia Technologies Limited. Patricia Technologies defaulted on its debt repayment schedule following a $2 million exploit in 2022.
Former Nigerian Gubernatorial Candidate Involved in Theft and Money Laundering
In a press briefing on November 24, Olumuyiwa Adejobi, Assistant Commissioner of Police (ACP), and the NPF Public Relations Officer provided an update on the investigation of a financial fraud case reported by Patricia Technologies Limited. The petition outlined crimes such as theft, conversion of assets in crypto wallets, and unsanctioned fund diversion from Patricia’s Flutterwave account.
Ambassador Wilfred Bonse, a Nigerian politician and former gubernatorial candidate, was arrested in connection with these crimes. Bonse confessed to his involvement in the financial crime, admitting that his bank account was used to launder 50 million naira ($62,368.30) out of the total 607 million naira ($757,151.16) stolen from Patricia’s corporate account.
Patricia’s CEO, Hanu Fejiro Agbodje, expressed relief at the arrest, stating that it vindicates their claim of being hacked and reassures customers of their trustworthiness.
Patricia Defaults on Debt Repayment Schedule
In addition to the security breach, Patricia Technologies is facing further troubles as it fails to comply with its debt repayment plan. The exchange had promised to begin funds repayment on November 20 based on a first-come, first-served basis. However, several users are still unable to access their funds even days after the proposed date of repayment.
Patricia Technologies halted withdrawals in May due to a high volume of withdrawal requests following reports of the $2 million hack. The delayed debt repayment has raised more concerns about the credibility and stability of the crypto exchange.
Hot Take: Patricia Technologies Faces Challenges Amidst Security Breach
Patricia Technologies, a Nigerian crypto exchange, finds itself in a difficult position with the arrest of Ambassador Wilfred Bonse in connection to a security breach. This arrest provides some relief to the company, as it confirms their claim of being hacked and identifies one of the culprits involved. However, Patricia Technologies is still grappling with issues as it fails to fulfill its debt repayment plan, leaving customers unable to access their funds. These challenges raise questions about the reliability and sustainability of the exchange, casting doubt on its future prospects.
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