A Lagos Magistrate Court has ruled in favor of unfreezing several bank accounts linked to the alleged ₦2.9 billion hack of African fintech giant Flutterwave in February 2023. This decision comes months after Flutterwave successfully obtained a court order to freeze 107 accounts suspected of receiving funds from the unauthorized transfers.
According to documents obtained by Techpoint Africa, account holders successfully petitioned the court to lift the freezes, prompting their release. However, some account owners claim that Access Bank and Providus Bank have yet to comply with the court order, leaving their funds inaccessible.
While the exact details of the court's reasoning remain confidential, this development adds a new chapter to the saga surrounding the alleged Flutterwave hack. With ₦2.9 billion (approximately $7.8 million) at stake, the case raises crucial questions about cybersecurity, financial regulations, and the rights of individuals caught in the crossfire of cybercrime investigations.
Background of the Case:
February 2023: Hackers allegedly transfer ₦2.9 billion from Flutterwave accounts.
February 27, 2023: Flutterwave obtains a court order to freeze 107 accounts suspected of receiving stolen funds.
March 5, 2023: Techpoint Africa reports the incident and raises questions about Flutterwave's claim of no customer losses.
February 12, 2024: The court ordered the unfreezing of some accounts, but delays were reported at Access Bank and Providus Bank.
Ongoing Concerns:
Transparency regarding the court's decision and specific accounts affected.
Compliance of all banks with the court order, ensuring timely access to unfrozen funds.
Ongoing investigation into the alleged hack and recovery of stolen funds.
Impact:
This case highlights the complex legal and financial implications of cybercrime in Nigeria. It underscores the need for robust cybersecurity measures, clear communication during investigations, and fair and efficient legal processes for affected individuals.
Play audio
No comments