Nigeria Police Detain Politician in Connection with Crypto Theft from Patricia Technologies
Summary:
The Nigeria Police Force (NPF) has apprehended political figure, Ambassador Wilfred Bonse, in connection with a theft of over $246,153 (200 million naira) from Patricia Technologies' cryptocurrency wallet. Reports indicate Bonse aided hackers in laundering a part of the stolen funds. The arrest comes amid an ongoing investigation into a complex financial fraud case involving Patricia Technologies. The digital trading company had earlier suffered a severe blow due to a hack which resulted in massive customer fund loss. To counter this, Patricia Technologies decided to convert client assets into Patricia Tokens, pledging future repayments. Despite some setbacks, the firm plans to proceed with the preset repayment schedule.
The law enforcement agency of Nigeria, notably the Nigeria Police Force (NPF), announced the apprehension of a political figure, Ambassador Wilfred Bonse, in relation to a theft exceeding $246,153 (200 million naira) from the crypto wallet of Patricia Technologies. The revelation came via a public statement released by ACP Olumuyiwa Adejobi, the spokesperson for the police agency, on Friday. Reports suggest that Bonse played a role in helping hackers launder a portion of the stolen funds, totaling $61,538 (50 million naira).
The statement revealed that considerable advancements have been made in the investigation of a complex financial fraud case, lodged by Patricia Technologies Limited, by the National Cybercrime Center of the Police Force. The case encompasses a criminal scheme, unauthorized modification of digital systems and data, and illegal diversion of funds amounting to more than $246,153 (200 million naira), as described in a complaint handed to the Police's Inspector General.
Adejobi, the voice for the NPF, stated that Bonse has been apprehended concerning the said theft, conversion of cryptocurrency wallets, and unauthorized diversion of funds from Patricia Technologies Limited. The submitted complaint highlights a number of individuals' illegal participation, among them Bonse, who is currently in custody, while others remain on the run.
The accusation against Bonse includes a conspiracy to launder $61,538 (50 million naira) from a fraudulent redirection of $747,076 (607 million naira) from Patricia Technology's account to his private bank account through a cryptocurrency wallet. As the investigation progresses, the Nigeria Police Force reassures that all implicated parties will face the full force of the law.
This arrest in connection to the Patricia Technologies theft might offer some respite to the beleaguered crypto trading company. Earlier this year, Patricia Technologies came under critical scrutiny following a hack that led to the loss of billions in customer money.
Patricia Technologies decided to convert client assets into Patricia Tokens as a response to the mounting customer demands, with promises of future repayment. A published White Paper credited this move to a cyberattack that resulted in a massive loss of assets. Patricia introduced the Patricia Token, an internal customer holding, as a testament to its commitment to credibility and client trust.
According to the company, the Token is dedicated to compensating holders with an equivalent of 1 USDT for each Patricia Token, promising asset recovery after the security breach. Patricia stated that the Patricia Token doesn't exist on-chain but operates as an internal token, indicative of a debt and is managed by the corporation.
To mollify its worried customers, Patricia Technologies disclosed in October that DLM Trust was commissioned as an escrow agent to facilitate customer repayments. Despite DLM backing out due to disputes, Patricia Technologies remains determined to carry on with the preset repayment timeline this month.
Published At
11/25/2023 8:42:56 AM
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