According to a report from Techpoint Africa, hackers have stolen $4 million (₦2.9 billion) from African fintech unicorn, Flutterwave. The hack occurred in early February 2023 when hackers transferred over ₦2.9 billion from Flutterwave accounts in Nigeria.
Flutterwave's legal counsel, Albert Onimole, reported the case to the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti, Yaba, Lagos, on February 19, 2023. While police investigations are ongoing, Flutterwave seeks to freeze accounts where hackers transferred some of the money.
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. A motion to freeze accounts in 27 financial institutions in Nigeria, including Access Bank, Kuda, Zenith Bank, and OPay, has been filed.
As of press time, it is unclear who hacked Flutterwave or how the hackers got past the company's security. Questions about what this means for the unicorn's customers also remain unanswered. Flutterwave has not responded to our questions.
Flutterwave's users have reported that some commercial banks allowed the money to be moved to other accounts, widening the money trail. Some Twitter users have confirmed that their accounts have been frozen in connection to the hack.
Flutterwave is a digital payments infrastructure company that enables banks and businesses to accept and make payments across Africa. It has raised over $400 million in funding and has more than 290,000 merchants using its platform.
We will keep you updated as more information becomes available.