Flutterwave Allegedly Hacked, N2.9 Billion Moved to 28 Banks, Company Blames Financial Institutions.
- Hackers moved about N2.9 billion to different bank accounts in 28 banks
- The company reported the incident to the Police Criminal Investigationn Department in Lagos
- Police said the receiving accounts had been frozen to prevent further movement of the funds
According to reports, hackers allegedly moved about N2.9 billion from the accounts of Flutterwave, Africa’s first unicorn.
According to multiple reports, the payment company’s counsel, Albert Onimole, reported the incident to the Deputy Commissioner of Police, State Criminal Investigation Intelligence Department, Panti, Yaba.
Source: UGC
Flutterwave unable to confirm hack reports
Per the letter by Onimole, the hack on the payment giant’s accounts happened in early February, showing that the money was initially transferred to 28 accounts in 63 tranches.
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Despite the recipient accounts listed, the police are yet to freeze them to prevent the movement of the money.
Reports said that Flutterwave allegedly said some commercial banks let the hackers move the money to other accounts, complicating the money trail.
A lawsuit has been filed by S.A. Adebesin, a legal officer at State CID, Panti, Yaba, at the Magistrate Court in Lagos to prevent further movement of the funds.
The suit is between the Commissioner of Police and the affected 28 commercial banks.
Customers confirm hack
Some Flutterwave users have confirmed that their accounts have been frozen in connection to the hack.
The motion by Adebesin said about 107 accounts, including fifth beneficiaries of the accounts, are to be placed on lien/Post-no-Debit.
Punch reports that it needs to be clarified who the hackers are as the money is distributed across several accounts.
The company has been unable to say how the hackers bypassed its security features and firewall to move a considerable amount.
Central Bank of Kenya wants Nigeria’s fintech company, Flutterwave, kicked out, says firms not registered
Legit.ng earlier reported that Africa’s giant unicorn, Flutterwave is on the cusp of being kicked out of the Kenyan market after the country’s Central Bank ordered banks in the East African country to stop doing business with the company.
According to a statement from the Central Bank of Kenya (CBK), Flutterwave Payment Technology Limited and Chipper Technology Limited have been engaged in money remittance businesses without a license from CBK.
The bank said that the Central Bank Act and the Money Remittance Regulations of 2013 control payment services in Kenya.
Source: Legit.ng
