CryptoFinanceNews Update

Patricia announce arrest of Nigerian politician over $760,000 theft

Hanu Fejiro, the CEO and founder of the cryptocurrency exchange platform Patricia, has recently announced a breakthrough in the resolution of the 2022 $2 million hacking incident. William Bonse, a gubernatorial candidate in Nigeria’s 2023 elections, was apprehended by the police, along with his accomplices, for their alleged involvement in the cyber attack.

According to the Nigerian Police Force (NPF), Bonse diverted ₦607 million ($760,000) from Patricia’s account into his own through a cryptocurrency wallet. The police have stated that Bonse and his associates are connected to the hack, and the politician has been detained, with law enforcement highlighting his “registered involvement” in the illicit activity.

In May 2022, Patricia fell victim to a hacking incident that resulted in a loss of $2 million in customer funds, causing disruptions in fund withdrawals. Subsequently, Patricia implemented various measures to reassure its customers, including the relaunch of its app, the proposal to convert customer assets into a new Patricia Token, fundraising initiatives to repay affected customers, and the option for customers to receive company shares in exchange for their blocked funds.

Although the company had previously disclosed identifying a single culprit in May, specific details were withheld at the time. It is now apparent that Bonsu is likely the identified perpetrator in this case.

As for the recovery of the embezzled funds, clarity is yet to be achieved. In a recent press release, CEO Hanu Fejiro acknowledged that the recovery process is incomplete but emphasized that even partial recovery would significantly alleviate concerns for Patricia users. The company asserts that it commenced the refunding process on November 20 as scheduled; however, some customers have reportedly declined to accept any payments at this time.

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Ibrahim Ismail

A passionate and highly skilled individual who has seamlessly blended the worlds of statistics, technology, and finance.

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