• The Nigeria Police Force has arrested Wilfred Bonse, a Nigerian Politician, in connection to a crypto hack involving Patricia Technology.
•  Bonse allegedly assisted hackers in laundering over 50 million nairas ($61,538) after compromising a vulnerability within Patricia Technology.
• The breach had allegedly caused a $2 million loss.

Amid Africa’s ever-growing crypto industry, a few names must appear. Nigeria, Kenya, South Africa, and Ghana have dominated the franchise for some time. Nigeria and South Africa have dominated the franchise through their immense crypto trading volume and their government’s approach towards digital currency. Compared with their peers, these two ecosystems are examples of the revolutionary concept of digital currency. 

Despite their numerous feats, Nigeria has had the longest run out of the two. The region hosts Africa’s top crypto-based organization, Flutterwave, and has one of the continent’s best DeFi-friendly ecosystems. Unfortunately, its fame has also attracted the attention of “quick-hands” in the industry. Crypto hacks and scams are daily in Nigeria, but in a recent development, the long arm of justice finally caught up to a potential perpetrator.

The Nigeria Police Force has recently renewed Wilfred Bonse, a well-known politician, about a crypto hack that involved Patricia Technology.

Nigeria Police Force finally captures possible suspects in the Patricia Technology’s crypto hack.

The crypto ecosystem is a trillion-dollar franchise that promises excellent rewards with more significant risks. The high crypto volatility, the vague legal frameworks, and the unawareness surrounding digital assets have significantly dragged down its potential. Despite these factors, the ecosystem has continued to thrive, and as the 2024 bull ru draws, a glimmer of hope shines amid every crypto trader. 

Unfortunately, its high rise to fame, anonymity, and decentralized nature have attracted plenty of “quick-hands.” Crypto hacks have run rampant over the past decade, and despite the best efforts from crypto security analysts and developers, creating a robust blockchain security system is still way ahead. Fortunately, due to the transparent nature of digital assets, carefully tracing stolen tokens has become much more straightforward. 

Also, Read Cybersecurity Breach Shakes Kronos Research: $25 Million Crypto Loss Revealed.

 He said, “Having registered his involvement in the complex crime. Wilfred Bonse conspired in laundering the sum of Fifty Million Naira (N50,000,000) originating from the fraudulent diversion of Six Hundred and Seven Million Naira (N607,000,000) from Patricia Technology company’s account to his bank account through a cryptocurrency wallet.“

According to the NPF, the case includes:

• Criminal conspiracy.
• Unauthorized alteration of the computer system and network data.
• Illicit diversion of funds.

The NPF has stated that Bonse played a vital role in diverting over 607 million naira($747,076) from Patricia Technology’s account to his bank account via a crypto wallet.

Patricia Technology had come under heavy fire after a crypto hack allegedly caused the loss of over $2 million worth of cryptocurrency. Since then, the organization has faced plenty of pressure, forcing the organization to take drastic measures. With Bonse arrested, it may shed light on identifying the crypto hackers involved with the incident.

Patricia Technology finally gains relief.

In May, the retail trading application Patricia froze its withdrawal function, causing panic among its user base. According to various anonymous sources, the organization had experienced a security breach months before announcing it. Instead, they silently shut down its withdrawal process and undertook a private investigation to identify the perpetrators. 

Unfortunately, unrest grew as users eventually noticed they could not access the funds they deposited. In addition, the breach had allegedly caused a $2 million loss, and the organization tried to recover the funding. The company claimed that their BTC and Naira assets had been compromised but didn’t disclose the extent of the damage.

As unrest and speculation grew, the retail application turned to desperate measures and converted customer funds and another token into its native token, the Patricia Token. The organization later followed this news by releasing a new Patricia Plus application. With the launch of a new application and shifting all user funds into PTK tokens, the organization revealed that the PTK was stablecoin backed by the US dollar.

This eventually triggered a bank run as users raced to withdraw their lost assets. Unfortunately, like most bank runs, Patricia Technology soon faced a liquidity crisis. Since April, customers have pondered about the true nature of Pratica Technology. The silent closure of withdrawal functions, the sudden press release of an old crypto hack, the conversion of customer assets to PTK, and the organization’s inability to deal with the liquidity run caused an uproar.

With the creation of an esteemed crypto-based organization on the line, the Bonse arrest is a silver lining. According to the NPF, the investigations surrounding the incident have significantly progressed. After failing an enlisting procedure with DLM Trust, Praticai has focused on reimbursing user funding. The Bonse case will provide insight into the whereabouts of the stolen funds, giving the company hope.

Particia Technology has lost its reputation and funding, and now the only salvaging action depends on the Bonse case. Will this organization stand tall and regain its reputation? Or will it suffer the same fate as its predecessors and file for bankruptcy?

Also, Read Wintermute’s DeFi operations were compromised after a US$160 million crypto hack.