Flutterwave has denied rumors that it was hacked and that over N2 billion were removed from the company’s account. The fintech company acknowledges that an atypical trend of transactions was observed, but no user’s funds were compromised.
According to reports, hackers compromised Flutterwave and stole approximately $2.9 billion from the company’s accounts. Also, the rumors revealed that the African unicorn wanted to freeze the accounts of up to 300 customers of several banks.
According to records, $2,949,557,867 has been illegally transferred from the accounts of Flutterwave, an African unicorn in the financial industry. Albert Onimole, legal counsel for Flutterwave, submitted the case to the Deputy Commissioner of Police, State Criminal Intelligence Department, in Panti, Yaba, Lagos, on February 19, 2023, as stated in the report.
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The accounts were hacked on February 13, according to Onimole’s letter. The money was initially sent to 28 accounts in 63 transactions. The police were unable to freeze the cash when the event was reported to them on February 13, 2023.
Clients affirm hacking
Despite this, several users have reported that their accounts were frozen as a result of the alleged attack.
According to Adebesin’s motion, 107 accounts, including their fifth beneficiaries, must be put on a lien or post-no-debit status.
As the funds are disbursed among multiple accounts, the identity of the hackers is unknown.
The firm hasn’t been able to explain how the hackers managed to transport a sizable amount of data while getting past its firewall and security measures.
Flutterwave’s denial statement
The firm stated, however, that it has not encountered any breach activity. In addition, the company has reassured its clients that it will continue to collaborate with other financial institutions and law enforcement to ensure the safety of its goods.
Flutterwave has not been hacked, we promise. “We analyze suspicious activity through our transaction monitoring systems and 24-hour fraud desk as a financial institution.”
In a statement, the firm said, “We engage with other financial institutions and law enforcement organizations to make our ecosystem safe and secure.”
The company alleged that after a routine review of its transaction monitoring system, it discovered an odd pattern of transactions on consumers’ profiles.
As per regular operating practice, “our team promptly initiated a review,” which indicated that some users who had not enabled some of our advised security settings would have been vulnerable, according to Flutterwave.