Home » Tech billionaire Gbenga Agboola’s Flutterwave denies losing $6.3 million to hackers

Tech billionaire Gbenga Agboola’s Flutterwave denies losing $6.3 million to hackers

by Mfonobong Nsehe
Gbenga Agboola

On Sunday afternoon, numerous media reports alleged that hackers had stolen N2.9 billion ($6.3 million) from the accounts of the San Francisco and Lagos-based fintech unicorn, Flutterwave, a fintech company co-founded by Nigerian tech billionaire Gbenga Agboola. 

The reports sparked widespread reactions on social media, but Flutterwave swiftly refuted the claims and stated that no such hack had taken place, stating that it remains committed to maintaining the security of its client’s funds.

“We want to reassure you that Flutterwave has not been hacked. As a financial institution, we monitor transactions through our transaction monitoring systems and 24-hour fraud desk and review any suspicious activity,” the company said.

Contrary to recent reports alleging that hackers had stolen $6.3 million from Flutterwave’s accounts and illegally transferred the funds into accounts with different deposit money banks in Nigeria, the fintech company has stated that its payment system was not hacked and that none of its users suffered any financial losses.

The fintech company added that it collaborates with other financial institutions and law enforcement agencies to ensure the safety and security of its ecosystem.

As a trusted financial partner to millions of people, the Gbenga Agboola-led firm remains committed to upholding the highest standards of security and integrity.

“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,” Flutterwave stated, underscoring its commitment to providing a secure and trustworthy platform for its customers.

This recent development comes just three weeks after the fintech unicorn regained access to $52.5 million in frozen funds, which had been spread across multiple banks, including Guaranty Trust Bank, Equity, EcoBank, KCB, and Co-operative Bank.

The Kenyan government had previously alleged financial wrongdoing, but the Asset Recovery Agency filed a motion to dismiss the lawsuit and lift the freeze on assets, leading to Flutterwave’s funds being released.

Despite these challenges, the fintech company remains committed to maintaining the highest standards of integrity and security for its users.

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