Cryptocurrency exchange Patricia has been making headlines for months following a cyber attack that resulted in the loss of user assets worth $2 million. In a shocking development, the Nigeria Police Force (NPF) has announced the arrest of Nigerian politician Ambassador Wilfred Bonse in connection with the theft of over N200 million from Patricia Technologies’ cryptocurrency wallet.
This incident exposes a web of financial fraud, unauthorized system modifications, and fund diversions, with Bonse allegedly playing a central role in laundering N50 million from the stolen funds.
The Force Public Relations Officer, ACP Olumuyiwa Adejobi, disclosed this information in a statement released on Friday. The NPF, through its National Cybercrime Center (NPF-NCCC), has diligently pursued the investigation into this complex case reported by Patricia Technologies Limited. The multifaceted crime involved criminal conspiracy, unauthorized alterations to computer systems, network data breaches, and the illicit diversion of funds exceeding N200 million.
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
According to Adejobi, Ambassador Wilfred Bonse conspired to launder N50 million, which is just a fraction of the stolen N607,000,000, into his bank account using a cryptocurrency wallet. The ongoing investigation is focused on bringing all individuals involved in this criminal conspiracy to justice.
Patricia’s troubled timeline
Patricia Technologies has been in the spotlight since the beginning of the year when it suffered a cyberattack, resulting in a $2 million loss. Despite the company’s reassurances, users encountered difficulties accessing their funds, leading to negative reactions from the community.
In response, Patricia Technologies developed innovative solutions to restore user confidence. The company announced its intention to repay users by converting their balances into a digital token called the Patricia Token and introduced a new platform for this purpose. Despite securing funding from a local entrepreneur and making a commitment to apprehend the culprits, Patricia Technologies faced setbacks.
In an effort to calm agitated customers, Patricia Technologies appointed DLM Trust as an escrow agent to handle repayments. However, the deal encountered a setback when DLM Trust withdrew due to disagreements. Nevertheless, Patricia Technologies remains determined to proceed with the repayment plan this month.
As the investigation into the Patricia Technologies cyber theft progresses, the Nigeria Police Force reassures the public of its commitment to bringing all responsible parties to justice. Despite facing challenges, Patricia Technologies remains resolute in its commitment to restoring confidence and repaying its users.
Link to full video! pic.twitter.com/cKoSs1NPDO
— Hanu (@Fejizzy) November 24, 2023
Hanu Fejiro, speaking about this breakthrough in the case, mentioned that although the amount discovered isn’t the total sum lost, the recovery will greatly comfort Patricia users. He also reiterated his commitment to Patricia users, assuring them that the investigation is ongoing and all those involved will be held accountable, one by one.