Arrest In $2M Security Incident
The Nigerian Police Force has apprehended Wilfred Bonse in connection with the Patricia data breach that inflicted a substantial loss on the FinTech platform earlier this year.
Back in May, Patricia, a prominent fintech platform, was forced to temporarily suspend withdrawals, grappling with a staggering $2 million loss due to a cyberattack on its system.
The platform candidly acknowledged the Patricia security breach, disclosing that its retail trading application had been compromised, leading to the jeopardization of both BTC and naira assets.
Patricia assured users that the withdrawal suspension was a temporary measure necessitated by an internal restructuring exercise.
Nigerian Police Force on Patricia data breach
The arrest of Wilfred Bonse sheds light on the intricacies of the Patricia data breach.
According to Force Spokesperson Olumuyiwa Adejobi, Bonse was allegedly involved in a conspiracy to launder fifty million Naira, stemming from the fraudulent diversion of a colossal sum—N607,000,000—from Patricia’s account into his bank account through a cryptocurrency wallet.
Adejobi, in an official statement, remarked, “The NPF-NCCC has made significant strides in the investigation of a complex financial fraud case reported by Patricia Technologies Limited.”
The case encompasses criminal conspiracy, unauthorized modification of computer systems, and network data, and the illicit diversion of funds exceeding Two Hundred Million Naira.
The petition submitted to the Inspector General of Police outlined the specifics of the alleged theft, conversion of cryptocurrency wallets, and unauthorized fund diversion from the company’s Flutterwave account.
Patricia security breach: The aftermath!
While certain individuals implicated in the cybersecurity incident remain at large, the relentless pursuit by law enforcement authorities culminated in the apprehension of Amb Wilfred Bonse.
Bonse, having acknowledged his involvement in the multifaceted crime, allegedly conspired to launder fifty million Naira derived from the fraudulent diversion of Six Hundred and Seven Million Naira from Patricia Technology company’s account to his bank account via a cryptocurrency wallet.
The arrest marks a significant step in unraveling the complexities of the Patricia data breach, signaling the authorities’ commitment to addressing cybersecurity challenges in the financial technology sector.
Patricia users, who were affected by the temporary suspension of withdrawals, can now anticipate a more secure environment as investigations unfold and measures are implemented to fortify the platform against future threats.
Media Disclaimer: This report is based on internal and external research obtained through various means. The information provided is for reference purposes only, and users bear full responsibility for their reliance on it. The Cyber Express assumes no liability for the accuracy or consequences of using this information.
