Nigeria’s Patricia Technologies has experienced a major setback as Wilfred Bonse, a prominent Nigerian politician, was apprehended by the Nigerian Police Force in connection with the theft and conversion of cryptocurrency wallets, along with the unauthorized diversion of funds from Patricia Technologies.
In an official statement released on Friday, Olumuyiwa Adejobi, the force’s public relations officer, revealed that Bonse stands accused of pilfering over 200 million naira ($246,153) from Patricia Technologies’ crypto wallet.
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The National Cybercrime Center, a division of the Nigerian Police Force, played a pivotal role in advancing the investigation into this case, encompassing charges such as criminal conspiracy, unauthorized alteration of computer systems, and network data tampering.
Adejobi highlighted that the stolen funds exceeded 200 million naira ($246,153), with Bonse allegedly aiding hackers in laundering 50 million naira ($61,538) from the ill-gotten gains.
The police spokesperson detailed the charges against Bonse, including theft, conversion of cryptocurrency wallets, and unauthorized fund diversion from Patricia Technologies, implicating several individuals, some of whom are still evading arrest.
The ongoing investigation suggests Bonse’s involvement in a complex financial fraud scheme, conspiring to launder 50 million naira linked to the fraudulent diversion of 607 million naira ($747,076) from Patricia Technology’s account to his bank account through a cryptocurrency wallet.
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This arrest comes as a potential relief for Patricia Technologies, which faced intense scrutiny following a hacking incident in May, resulting in a substantial loss of customer funds. In response to customer concerns, Patricia took steps to convert customer assets into its native Patricia Token (PTK), assuring future repayment.
The company underscored its commitment to integrity and customer trust, positioning PTK as an internal customer holding.
To address customer apprehensions, Patricia announced in October that it had engaged DLM Trust as an escrow agent for facilitating customer repayments. However, disagreements with DLM led to its withdrawal. Patricia remains steadfast in its commitment to the repayment schedule, aiming to provide relief to affected clients this month.
In the aftermath of this security breach, Patricia reiterated its dedication to reimbursing holders with 1 Tether (USDT) token for each Patricia Token, emphasizing that PTK operates internally, representing debt, and is managed by the company.