In early February 2023, hackers transferred over ₦2.9 billion from Flutterwave accounts. While police investigations are ongoing, Flutterwave is seeking to freeze accounts where some of the money was transferred. A motion to freeze accounts in 27 financial institutions in Nigeria, including Access Bank, Kuda, Zenith Bank, and OPay, has been filed.
You may have recently heard some claims on Flutterwave's security. We want to assure you that Flutterwave has not been hacked, and no customer funds were lost.
Thank you for choosing us 🦋
— Flutterwave (@theflutterwave) March 5, 2023
According to documents seen by Techpoint Africa, ₦2,949,557,867 has been illegally transferred from the accounts of African fintech unicorn, Flutterwave. On February 19, 2023, Flutterwave’s legal counsel, Albert Onimole, reported the case to the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti, Yaba, Lagos.
The hack on Flutterwave’s accounts occurred about two weeks ago from February 13. It was said that the money was initially transferred to 28 accounts in 63 transactions. While the incident was reported to the police on February 13, 2023, with the list of accounts that had received the money, the police could not freeze the funds.
According to Flutterwave, some commercial banks allowed the money to be moved to other accounts, widening the money trail. To investigate accounts holding the stolen funds across various financial institutions in Nigeria, S.A. Adedesin, Legal Officer, State CID, Panti, Yaba, Lagos, filed a suit in the Magistrate Court of Lagos to support Flutterwave’s claims.