Flutterwave denies losing N2.9bn to hackers

Flutterwave, an African fintech unicorn, has denied losing $2,949,557,867 to hackers.

It was previously reported on Sunday that hackers stole the sum of $2,949,557,867 from the company's accounts, affecting over 300 customers.

Meanwhile, the company stated on Sunday that nothing of the sort occurred.

"We want to reassure you that Flutterwave has not been hacked," the company said. As a financial institution, we monitor transactions using transaction monitoring systems and a 24-hour fraud desk, and we investigate any suspicious activity. To keep our ecosystem safe and secure, we work with other financial institutions and law enforcement agencies."

It also stated that none of its customers' funds were lost, nor was the company's account hacked.

"We discovered an unusual trend of transactions on some users' profiles during a routine check of our transaction monitoring system. Our team immediately launched a review (as is our standard operating procedure), which revealed that some users who had not activated some of our recommended security settings were potentially vulnerable."

"We want to confirm that no user lost any funds, and we take pride in the fact that our security measures were able to address the issue before any harm could be done to our users. We'd like to reassure you that Flutterwave has not been compromised." said Flutterwave.

However, the case had been reported to the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti, Yaba, by the tech giant's counsel, Albert Onimole.

According to Onimole's letter, the hack on Flutterwave's accounts happened a few weeks ago, and the money was initially transferred to 28 accounts in 63 transactions.

Although the receiving accounts were listed, the police have yet to freeze the receiving accounts to prevent the money from being moved.

According to Flutterwave, some commercial banks permitted the money to be transferred to other accounts, thereby expanding the money trail.

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