Cypto

Nigeria’s Patricia Technologies relieved as arrest made in crypto wallet heist

1 year ago
BusinessL

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The Nigeria Police Force (NPF) said it has arrested one politician, Ambassador Wilfred Bonse, concerning the theft of over $246,153 (200 million naira) from Patricia Technologies’ crypto wallet.

The disclosure was made by ACP Olumuyiwa Adejobi, the Force Public Relations Officer, in a statement issued on Friday. It was reported that Bonse assisted hackers in laundering $61,538 (50 million naira) from the stolen funds.

He stated that the Force, via its National Cybercrime Center (NPF-NCCC), has achieved notable progress in probing an intricate financial fraud case reported by Patricia Technologies Limited. The case encompasses criminal conspiracy, unauthorized alteration of computer systems and network data, and the illicit diversion of funds exceeding $246,153 (200 million naira), as outlined in a petition submitted to the Inspector General of Police.

The NPF spokesperson said in the statement that Ambassador Wilfred Bonse has been arrested concerning the theft, conversion of cryptocurrency wallets, and unauthorized fund diversion from Patricia Technologies Limited. The petition detailed the alleged involvement of several individuals, and while some are still at large, Bonse has been apprehended.

He is accused of conspiring to launder $61,538 (50 million naira) from the fraudulent diversion of $747,076 (607 million naira) from Patricia Technology’s account to his bank account through a cryptocurrency wallet. The investigation is ongoing, and the Nigeria Police Force assures all involved individuals will be brought to justice.

The arrest linked to the Patricial Technologies heist brings potential relief to the crypto trading company. Patricia Technologies faced significant scrutiny after a hacking incident earlier this year resulted in the loss of billions in customer funds.

Responding to customer requests, Patricia converted the value of customer assets into Patricia Tokens, assuring repayment in the future. A White Paper attributed this move to a cyberattack that resulted in asset loss. Patricia emphasized its dedication to integrity and customer trust, introducing the Patricia Token as an internal customer holding.

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As per the firm, the Token is committed to reimbursing holders with 1 USDT for each Patricia Token, ensuring asset recovery post the security breach. Patricia clarified that the Patricia Token is not on-chain but functions as an internal token, representing debt and managed by the company.

To appease its concerned clients, Patricia Technologies revealed in October that it had enlisted DLM Trust as an escrow agent for distributing customer repayments. Despite DLM’s withdrawal due to disagreements, Patricia Technologies intends to proceed with the repayment schedule this month.

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