Political Aspirant Wilfred Bonse Arrested in Connection with Multi-Million Dollar Crypto Exchange Hack

In a significant development, the Nigerian Police have apprehended Wilfred Bonse, a former Governorship aspirant in the 2023 gubernatorial elections in Cross River State, in connection with a massive security breach on the cryptocurrency exchange, Patricia. The hack, which was announced in May, resulted in a staggering loss of ₦607 million ($750,000) for the crypto exchange. This arrest sheds light on the alleged involvement of politicians in the laundering of stolen funds from Patricia.

Background on the Patricia Hack:

The breach that occurred in May shook the cryptocurrency community, and Patricia Technologies Limited, the affected crypto exchange, has been working diligently to unravel the intricate details of the cyberattack. The company’s CEO revealed that the ₦607 million lost was part of the total amount compromised during the hack. The modus operandi of the hackers involved utilizing politicians to launder the stolen funds, a revelation that has sent shockwaves through the industry.

Wilfred Bonse’s Political Involvement:

Wilfred Bonse, the arrested individual, was not only a prominent figure in the political landscape but also a Governorship aspirant in the 2023 gubernatorial elections in Cross River State. However, he withdrew from the race, citing reasons that have now taken a more sinister turn with his arrest. Bonse had previously submitted ₦21 million ($29,956) to his political party, the People’s Democratic Party (PDP), as payment for the gubernatorial form. The sudden connection between Bonse’s political activities and cybercrime has raised eyebrows and intensified the ongoing investigation.

Arrest and Police Statement:

The arrest of Wilfred Bonse was executed by the Nigeria Police Cybercrime Centre, as confirmed by the Police Public Relations Officer (PRO), Muyiwa Adejobi. Adejobi detailed the progress made by the Cybercrime Centre in investigating the complex financial fraud reported by Patricia Technologies Limited. The charges against Bonse include criminal conspiracy, unauthorized modification of computer systems, networks, and data, and the unlawful diversion of funds.

Adejobi stated, “The Centre has made progress in the investigation of the complex financial fraud reported by Patricia Technologies Limited. The case involves criminal conspiracy, unauthorized modification of computer systems, network, data, and the unlawful diversion of funds.” This emphasizes the gravity of the charges against Bonse and the intricate nature of the cybercrime under investigation.

Wilfred Bonse’s Alleged Involvement:

According to the Police PRO, Bonse is accused of actively participating in the laundering of ₦50 million ($61,800). This sum is believed to have originated from the fraudulent diversion of ₦607 million from Patricia’s account to Bonse’s bank account through a cryptocurrency wallet. The revelation points to a sophisticated operation involving the misappropriation of funds through various channels, further highlighting the complexity of modern cybercrimes.

Political Implications:

The arrest of Wilfred Bonse, a former political aspirant, has far-reaching implications on the political landscape of Cross River State and the People’s Democratic Party (PDP). The connection between politics and cybercrime underscores the need for a comprehensive examination of the relationships between politicians and illicit activities, especially those involving digital currencies.

Bonse’s decision to withdraw from the gubernatorial race and subsequently request a refund for the ₦21 million he had invested in his political aspirations now appears in a different light. The possibility of these funds being linked to cybercrime raises questions about the extent to which politicians may be entangled in financial misconduct.

Impact on Patricia Technologies and the Crypto Community:

The arrest of an individual connected to the Patricia hack has implications beyond the immediate legal proceedings. It raises concerns about the vulnerability of cryptocurrency exchanges and the need for enhanced security measures in an era where digital assets play an increasingly significant role in the global economy.

Patricia Technologies Limited, having suffered a substantial financial loss, is likely to reassess its security protocols to prevent future breaches. This incident serves as a wake-up call for other crypto exchanges to prioritize cybersecurity and implement robust measures to safeguard user funds.

The arrest of Wilfred Bonse in connection with the Patricia hack marks a significant development in the ongoing investigation. The intertwining of political figures with cybercrime underscores the evolving nature of illicit activities in the digital age. 

As the legal proceedings unfold, the case will likely shed more light on the intricate details of the cyberattack, providing insights into the methods employed by criminals to exploit vulnerabilities in financial systems. The repercussions of this event extend beyond the immediate stakeholders, impacting the perception of cryptocurrency security and prompting a reevaluation of measures to combat cyber threats in the ever-evolving landscape of digital finance.

The digital asset  market place Patricia said that Bitcoin and naira assets were lost because of a security breach.

The cryptocurrency platform said that its program for retail trading, Patricia Personal, had been hacked, but other crypto assets were not affected. As a result of the breach, Patricia briefly stopped withdrawals on its mobile and web apps to figure out what was happening.

The company started as a place to swap gift cards, but it has grown quickly and now handles 30,000 daily transactions for about 850,000 users.

In a message, the company told its users and sellers that their assets were safe, and that work was being done to recover the stolen money. Patricia said it might have become a target for hackers because it became more famous as a Bitcoin exchange platform.

Aside from the security breach and cash flow problems, Patricia’s bosses recently told the company in a company-wide meeting that more people will be let go. Even though about 160 people worked for the retail trade app, sources say some were let go in 2022, but no apparent reason was given.

In addition to the security breach and cash flow problems, Patricia’s bosses recently told the company in a company-wide meeting that more people would be fired. Sources say 160le, who worked for the retail trade app, was fired in 2022, but no apparent reason was given.

Reports say that team leads were told to cut their teams by up to 80%, which worried workers about their jobs.