Arrest made in Nigeria’s Patricia Technologies crypto wallet heist

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 statement detailed the alleged involvement of several individuals, with some still at large.

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

Bonse is accused of conspiring to launder 50 million naira from the fraudulent diversion of 607 million naira ($747,076) from Patricia Technology’s account to his bank account through a cryptocurrency wallet. The investigation is ongoing.

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 in May that resulted in a substantial loss of customer funds.

Responding to customer requests, Patricia converted the value of customer assets to its native Patricia Token (PTK), assuring repayment in the future. Patricia emphasized its dedication to integrity and customer trust, introducing PTK as an internal customer holding.

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According to Patricia, it is committed to reimbursing holders with 1 Tether (USDT) token for each Patricia Token, ensuring asset recovery after the security breach. Patricia clarified that PTK is not on-chain but functions as an internal token representing debt and is managed by the company.

To appease its concerned clients, Patricia revealed in October that it had enlisted DLM Trust as an escrow agent for distributing customer repayments. However, DLM withdrew due to disagreements with the company. Patricia intends to proceed with the repayment schedule this month.

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