Hackers Hijacked Flutterwave Leaving Away With N2.9 Billion

Reports reaching us at Investingport show that an amount equaling 2,949,557,867 Naira has been fraudulently moved out of the accounts of the African fintech unicorn known as Flutterwave. 

It's confirmed true that the Fintech company suffered a breach that caused hackers to bypass its security protocol thereby stealing the sum of N2.6 billion.

According to news outlets, the legal representative for the technology company, Albert Onimole, reported the incident to the Deputy Commissioner of Police at the State Criminal Intelligence Department in Panti, Yaba.

In the letter that Onimole sent out, the breach that happened on Flutterwave accounts a few weeks ago revealed that N2.6 billion was first moved to a total of 28 accounts through 63 separate transactions.

Despite the fact that the accounts that received the money have been published, the authorities have not yet frozen the receiving accounts in order to prevent the money from being transferred to another bank.

According to Flutterwave, several commercial banks permitted the money to be shifted to other accounts, therefore expanding the search.

S.A. Adedesin, Legal Officer of the State CID, Panti, Yaba, filed a suit in the Magistrate Court of Lagos to support Flutterwave's allegations. The purpose of the complaint was to examine the accounts that were storing the stolen monies throughout the different financial institutions in Nigeria.

There are no records that may corroborate whether or not the court has decided in favor of Inspector Micheal's request, but a few individuals have reported that their accounts have been frozen as a result of the breach.

According to the motion that Adebesin has submitted, 107 accounts, including the fifth beneficiaries of those accounts, are going to be put on lien/Post-No-Debit status (PND).

It is still unclear who hacked Flutterwave because the stolen monies have been spread among other accounts, some of which may not have anything to do with the cyberattack.

There have been no answers provided to the questions regarding how hackers were able to bypass Flutterwave's security and what these implications are for the clients of the startup. Flutterwave will need to hire more tech developer and they can use Hubforjobs job platform to hire.