TLDR PatriciaTech incident exposes cryptocurrency risks, demanding heightened vigilance.

Hacking tests trust, challenging credibility in crypto transactions.

Politician’s arrest reshapes Nigeria’s crypto landscape, signaling potential legal repercussions.

In a significant development, the Nigerian Police Force (NPF) has arrested Wilfred Bonse, a Nigerian politician, in connection to the theft of over 200 million naira ($246,153) from Patricia Technologies’ crypto wallet. The arrest follows an investigation by the National Cybercrime Center, revealing Bonse’s alleged involvement in the unauthorized fund diversion and conversion of cryptocurrency wallets belonging to Patricia Technologies.

Allegations against Wilfred Bonse

Wilfred Bonse is accused of collaborating with hackers to launder 50 million naira ($61,538) from the stolen funds. The charges against him include criminal conspiracy, the unauthorized alteration of computer systems and network data, and the illicit diversion of funds exceeding 200 million naira. These allegations were detailed in a petition submitted to the inspector general of police, marking a significant step in the ongoing investigation.

Patricia technologies faces scrutiny and hacking incident

The arrest is linked to the high-profile hacking incident that befell Patricia Technologies in May, resulting in a substantial loss of customer funds. Patricia Technologies responded to the incident by converting the value of customer assets into its native Patricia Token (PTK), assuring customers of future repayment. The company emphasized its commitment to integrity and customer trust, introducing PTK as an internal customer holding.

The NPF spokesperson, Olumuyiwa Adejobi, stated in a press release that Bonse’s arrest was for the theft, conversion of cryptocurrency wallets, and unauthorized fund diversion from Patricia Technologies. The investigation also implicates several individuals, with some still at large. Bonse specifically faces accusations of conspiring to launder 50 million naira from the fraudulent diversion of 607 million naira ($747,076) from Patricia Technology’s account to his bank account through a cryptocurrency wallet.

PRESS BRIEFING BY THE FORCE PUBLIC RELATIONS OFFICER, ACP OLUMUYIWA ADEJOBI ON ACHIEVEMENTS RECORDED BY THE NPF-NCCC

NPF-NCCC ARRESTS ONE WILFRED BONSE IN CONNECTION WITH PATRICIA SECURITY BREACH AND COMPLEX FINANCIAL FRAUD

Similarly, the NPF-NCCC has made significant strides… — Nigeria Police Force (@PoliceNG) November 24, 2023

The arrest brings potential relief to Patricia Technologies, as the company faced heightened scrutiny and skepticism following the hacking incident. Customers, concerned about the security of their assets, were assured by Patricia Technologies that it would reimburse them with 1 Tether (USDT) token for each Patricia Token as part of the recovery process.

Patricia’s recovery efforts and sscrow controversy

To address customer concerns, Patricia Technologies enlisted DLM Trust as an escrow agent for distributing customer repayments. However, this arrangement faced a setback as DLM Trust withdrew from its role due to disagreements with the company. Despite the withdrawal, Patricia Technologies has expressed its commitment to proceeding with the repayment schedule this month.