Counsel for Nigerian fintech company Flutterwave, Albert Onimole, reported a case of \u20a62,949,557,867 illegally transferred from the company\u2019s account to the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti, Yaba, Lagos.<\/strong><\/p>\nFlutterwave is a Nigerian fintech company that provides a payment infrastructure for global merchants and payment service providers across the continent.<\/p>\n
Reports on Sunday, March 5 indicated that an amount of \u20a62,949,557,867 has been illegally transferred from the accounts of Flutterwave.<\/p>\n
Per Onimole\u2019s letter, the hack on Flutterwave\u2019s accounts occurred about two weeks ago from February 13.<\/p>\n
The money was initially transferred to 28 accounts in 63 transactions.<\/p>\n
While the incident was reported to the police on February 13, 2023, with the list of accounts that had received the money, the police could not freeze the funds.<\/p>\n
According to Flutterwave, some commercial banks allowed the money to be moved to other accounts, widening the money trail.<\/p>\n
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 (Yaba Magisterial District sitting at Yaba) to support Flutterwave\u2019s claims.<\/p>\n
The suit is between the Commissioner of Police and the following financial institutions.<\/p>\n
\nAccess Bank<\/li>\n Providus Bank<\/li>\n Union Bank<\/li>\n Keystone Bank<\/li>\n PalmPay<\/li>\n First City Monument Bank (FCMB)<\/li>\n Kuda Bank<\/li>\n Zenith Bank<\/li>\n First Bank of Nigeria<\/li>\n Guaranty Trust Bank (GTB)<\/li>\n United Bank for Africa (UBA)<\/li>\n Polaris Bank<\/li>\n Wema Bank<\/li>\n Union Bank<\/li>\n Sterling Bank<\/li>\n Ecobank<\/li>\n Paycom<\/li>\n Fidelity Bank<\/li>\n Eyowo<\/li>\n Stanbic IBTC Bank<\/li>\n Opay<\/li>\n VFD Microfinance Bank<\/li>\n Carbon<\/li>\n Moniepoint<\/li>\n Al-Hayat Microfinance Bank<\/li>\n PiggyVest<\/li>\n Nomba (previously Kudi)<\/li>\n<\/ol>\nSome persons have confirmed that their accounts have been frozen in connection to the hack, although there are no documents to confirm if the court has ruled in favour of Inspector Micheal\u2019s motion.<\/p>\n
A Twitter\u00a0user<\/a> said, \u201cI got a mail from my bank saying I\u2019m a 4th beneficiary to this acclaimed fraud money. This was after over five days after a successful trade. My account is locked\u00a0 can\u2019t access fund inside. Pls is this right? It\u2019s unfair I have zero business with flutter wave or the hack.\u201d<\/p>\nPer the motion filed by\u00a0\u00a0Adebesin, 107 accounts, including fifth beneficiaries of those accounts, are to be placed on lien\/Post-No-Debit (PND).<\/p>\n
With the stolen funds distributed across several accounts, which, according\u00a0to tweets<\/a>, may or may not have anything to do with the hack, it is not clear at this time who hacked Flutterwave.<\/p>\nQuestions about how hackers got past Flutterwave\u2019s security and what this means for the unicorn\u2019s customers remain unanswered. We reached out to Flutterwave, and they\u2019ve responded that they\u2019re preparing an official statement on the issue.<\/p>\n
Source: 3news.com with additional files from Techpoint Africa<\/strong><\/p>\n<\/div>\n
![\"\"](\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/03\/Flutterwave.jpeg\" "\\"Flutterwave\\"\/")