Nigerian Politician Arrested for $246,153 Theft from Patricia Technologies’ Crypto Wallet

Ruholamin Haqshanas
Last updated: | 2 min read
Source: AdobeStock / Faraz

The Nigeria Police Force (NPF) has announced the arrest of a politician in connection with the theft of over 200 million naira (approximately $246,153) from Patricia Technologies’ crypto wallet. 

In a recent post on X (formerly Twitter), the NPF said the arrest of Wilfred Bonse was made following an investigation conducted by the NPF’s National Cybercrime Center.

According to Olumuyiwa Adejobi, the force’s public relations officer, Bonse is accused of collaborating with hackers to launder 50 million naira (around $61,538) from the stolen funds. 

The charges against him include criminal conspiracy, unauthorized alteration of computer systems and network data, and the illicit diversion of funds exceeding 200 million naira. 

These allegations were outlined in a petition submitted to the inspector general of police.

The statement issued by the NPF revealed that Bonse was apprehended for his alleged involvement in the theft, conversion of cryptocurrency wallets, and unauthorized fund diversion from Patricia Technologies. 

Bonse’s Arrest Brings Hope to Patricia Technologies

The arrest of Bonse brings a glimmer of hope for Patricia Technologies, a crypto trading company that faced significant scrutiny following a hacking incident in May. 

The breach resulted in substantial losses of customer funds, prompting Patricia to take action.

In response to customer concerns, Patricia converted the value of customer assets into its native Patricia Token (PTK), with a promise of future repayment. 

The company emphasized its commitment to integrity and customer trust, introducing PTK as an internal customer holding.

To facilitate asset recovery after the security breach, Patricia pledged to reimburse holders with 1 Tether (USDT) token for each Patricia Token. 

It’s important to note that PTK functions as an internal token representing debt and is managed by the company, rather than being an on-chain token.

To further address customer concerns, Patricia enlisted DLM Trust as an escrow agent in October to facilitate the distribution of customer repayments. 

However, disagreements between Patricia and DLM resulted in the withdrawal of the trust company. 

Despite this setback, Patricia reaffirmed its intention to proceed with the repayment schedule this month.

As reported, Nigeria is one of the most crypto-savvy nations, even ahead of the United States and European countries.

Nigeria’s crypto awareness stands at 99% as the country leads in digital asset knowledge and perceived investment drive.

15,158 survey participants aged 18- 65 were polled from 15 countries to determine the global acceptance of Web3 and how its utility and “technicalities” have been broken down to give a clearer insight into the future.

Per the data, 99% were fully aware of cryptocurrencies while 70% understood the value, operations, and fundamentals of blockchain technology.