Nigeria Fintech Flutterwave Denies Reports of Hacking Client Accounts – Fintech Bitcoin News

Nigerian fintech Flutterwave has dismissed reports suggesting hackers stole as much as $6.3 million from user accounts. The fintech firm said a routine check of its transaction monitoring system helped uncover “an unusual trend of transactions on some users’ profiles”.

Motion to Freeze

Nigerian fintech unicorn, Flutterwave, has said that reports suggesting that hackers stole approximately $6.3 million from client accounts are not true. In a statement issued on March 5, the fintech insisted that no user lost any funds and that corrective measures had indeed enabled it to “address the issue before any harm could be done to our users.”

Flutterwave’s statement denying the hacking claims followed a Techpoint report that suggested as much as $6.3 million (2.9 billion naira) had been taken from users’ accounts. According to the report, the hacking incident is believed to have occurred in early February, and Flutterwave is believed to have responded by filing a motion to freeze accounts in as many as 27 financial institutions.

While the statement indicated that Flutterwave is working with “other financial institutions and law enforcement agencies to keep our ecosystem safe and secure,” the fintech firm insisted that it only took action after discovering irregularities in some users’ accounts.

“During a routine check of our transaction monitoring system, we identified an unusual trend of transactions on certain users’ profiles. Our team immediately launched a review (in line with our standard operating procedure), which revealed that some users who had not enabled any of our recommended security settings may have been compromised, the fintech firm explained.

Flutterwave added that the preventative steps it took helped it resolve the issue before “any harm could be done to our users.”

You are popular I will post proof here, A hack confirmed by a flutterwave employee, my bank confirmed flutterwave contacted them, flutterwave filed a petition with a lawyer whose seal has expired since 2017. Their statement and Affidavit swearing this true, as oath pic.twitter.com/zEHVMCgQOn

— Ufedo (@UfedoDavid) March 5, 2023

Meanwhile, on Twitter, some users rejected Flutterwave’s version of what happened and have insisted that the hacking incident is true. A user, known as Alex Onyia, tweeted that Flutterwave had been hacked by Omar Edewor Trades and that millions of naira had been stolen from customer accounts. Another user, Ufedo, shared “evidence” that proved the hacking incident happened.

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Terence Zimwara

Terence Zimwara is a Zimbabwean award-winning journalist, writer and author. He has written extensively about the economic problems in some African countries, as well as how digital currencies can provide Africans with an escape route.