Arrest made in Nigeria’s Patricia Technologies crypto wallet heist
2 min read
The Nigeria Police Force (NPF) said it has arrested one politician, Wilfred Bonse, for the theft of over 200 million naira ($246,153) from Patricia Technologies’ crypto wallet.
The disclosure was made by Olumuyiwa Adejobi, the force public relations officer, in a statement issued on Friday. Bonse allegedly assisted hackers in laundering 50 million naira ($61,538) from the stolen funds.
He stated that the NPF, through its National Cybercrime Center, has achieved significant progress in the Patricia Technologies case. The case includes criminal conspiracy, the unauthorized alteration of computer systems and network data, and the illicit diversion of funds exceeding 200 million naira ($246,153), as outlined in a petition submitted to the inspector general of police.
The NPF spokesperson said in the statement that Bonse had been arrested for the theft, the conversion of cryptocurrency wallets, and the unauthorized fund diversion from Patricia Technologies. The petition detailed the alleged involvement of several individuals, and while some are still at large, Bonse has been apprehended.
PRESS BRIEFING BY THE FORCE PUBLIC RELATIONS OFFICER, ACP OLUMUYIWA ADEJOBI ON ACHIEVEMENTS RECORDED BY THE NPF-NCCC
NPF-NCCC ARRESTS ONE WILFRED BONSE IN CONNECTION WITH PATRICIA SECURITY BREACH AND COMPLEX FINANCIAL FRAUD
Similarly, the NPF-NCCC has made significant strides…
— Nigeria Police Force (@PoliceNG) November 24, 2023
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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