Breaking : Hackers Hit Fintech Firm Flutterwave , Steal N2.9bn


 

Hackers have made away with over ₦2.9 billion naira of Flutterwave's money after a successful hacking of flutterwave account 

The fintech Unicorn  is seeking to freeze personal accounts in 27 Nigerian banks, and fintechs, where the monies were transferred. More details

According to documents seen by Techpoint Africa, ₦2,949,557,867 has been illegally transferred from the accounts of African fintech unicorn, Flutterwave.

On February 19, 2023, Flutterwave’s legal counsel, Albert Onimole, reported the case to the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti, Yaba, Lagos.

Per Onimole’s letter, the hack on Flutterwave’s accounts occurred about two weeks ago. It was said that the money was initially transferred to 28 accounts in 63 transactions. 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.

According to Flutterwave, some commercial banks allowed the money to be moved to other accounts, widening the money trail.

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’s claims.

The suit is between the Commissioner of Police and the following financial institutions.

Access Bank

Providus Bank

Union Bank

Keystone Bank

PalmPay

First City Monument Bank (FCMB)

Kuda Bank

Zenith Bank

First Bank of Nigeria

Guaranty Trust Bank (GTB)

United Bank for Africa (UBA)

Polaris Bank

Wema Bank

Union Bank

Sterling Bank

Ecobank

Paycom

Fidelity Bank

Eyowo

Stanbic IBTC Bank

Opay

VFD Microfinance Bank

Carbon

Moniepoint

Al-Hayat Microfinance Bank

PiggyVest

Nomba (previously Kudi)

 Some accounts have already been frozen  

While there are no documents to confirm if the court has ruled in favour of Inspector Micheal’s motion, some people have confirmed that their accounts have been frozen in connection to the hack.

A Twitter user said, “I got a mail from my bank saying I’m a 4th beneficiary to this acclaimed fraud money. This was after over five days after a successful trade. My account is locked 🔒  can’t access fund inside. Pls is this right? It’s unfair I have zero business with flutter wave or the hack.”

Per the motion filed by  Adebesin, 107 accounts, including fifth beneficiaries of those accounts, are to be placed on lien/Post-No-Debit (PND).

With the stolen funds distributed across several accounts, which, according to tweets, may or may not have anything to do with the hack, it is not clear at this time who hacked Flutterwave.

Questions about how hackers got past Flutterwave’s security and what this means for the unicorn’s customers remain unanswered. As of press time, Flutterwave hasn’t responded to our questions.


Source : Techpoint

CKN NEWS

Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

Previous Post Next Post

نموذج الاتصال