Politician in Custody: N200 Million Embezzlement from Patricia Technologies Leads to Arrest by Nigeria Police

InfoStride News reported that the Nigeria Police Force (NPF) has apprehended politician Ambassador Wilfred Bonse in connection with the theft of over N200 million from Patricia Technologies’ crypto wallet. According to ACP Olumuyiwa Adejobi, the Force Public Relations Officer, Bonse assisted hackers in laundering N50 million from the stolen funds.

The NPF, through its National Cybercrime Center (NPF-NCCC), is actively investigating the case involving criminal conspiracy, unauthorized computer system modifications, network data breaches, and the unlawful diversion of funds, as outlined in a petition to the Inspector General of Police.

Providing insights into the alleged theft, cryptocurrency wallet conversions, and unauthorized fund diversions from Patricia Technologies’ Flutterwave account, the NPF spokesperson highlighted specific individuals currently at large. Despite their fugitive status, the arrest of Ambassador Wilfred Bonse has been a breakthrough, as he is implicated in laundering N50 million from the fraudulent diversion of N607 million from Patricia Technologies’ account to his bank account through a cryptocurrency wallet. While the investigation continues, the NPF assures the public that all individuals involved in this criminal conspiracy will face justice.

For Patricia Technologies, the arrest related to the heist on its platform offers a degree of reprieve. The company faced considerable challenges earlier this year when its system was hacked, resulting in substantial losses of customers’ funds. In response to customer demands, Patricia converted the value of customers’ assets into Patricia Tokens, pledging to repay them at a later date. The White Paper released by Patricia explained that a cyberattack prompted the creation of the Patricia Token, symbolizing a commitment to repay holders 1 USDT for each token in the future, facilitating asset recovery and mitigating the impact of the security breach.

While the Patricia Token is not on-chain but serves as an internal representation of debt, Patricia Technologies took steps to address customer concerns. In October, the company announced the appointment of DLM Trust as an escrow agent to disburse repayments to its customers. Despite DLM Trust withdrawing from the arrangement due to disagreements, Patricia Technologies remains committed to implementing the repayment plan this month. The ongoing developments underscore the complexities and challenges associated with cybersecurity in the rapidly evolving landscape of cryptocurrency and financial technology.