Yahoo Boys stole 2.9 Billion Naira from Flutterwave Accounts in February?

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The accounts of African fintech unicorn Flutterwave have allegedly had $2,949,557,867 fra-u-dulently transferred from them, according to papers reviewed by Techpoint Africa.

It was alleged that Albert Onimole, Flutterwave's legal representative, reported the incident to the State Criminal Intelligence Department, Panti, Yaba, Lagos, on February 19, 2023.


According to the reports online, Onimole said in a letter that was attached that the accounts of Flutterwave were compromised around two weeks ago, on February 13. According to reports, the money was initially distributed across 63 transactions among 28 accounts.

The list of accounts that had received the money and the occurrence were reported to the police on February 13, 2023, but the cash could not be frozen at the time. In his letter, Onimole accuses some commercial banks of enabling the transfer of funds to additional accounts, which widened the money trail.

Yahoo Boys stole 2.9 Billion Naira from Flutterwave in February?



S.A. Adedesin, Legal Officer, State CID, Panti, Yaba, Lagos, filed a lawsuit (MISC/MC4/181/23) on February 27 at the Magistrate Court of Lagos (Yaba Magisterial District sitting at Yaba) in support of Flutterwave's claims to further investigate the accounts holding the stolen funds across various financial institutions in Nigeria. It appears that a motion ex-parte was approved in Flutterwave's favor.

Already, some accounts have been frozen

Some people have confirmed that their accounts have been frozen in relation to the online heist, even though there are no records to show whether the court has granted Inspector Micheal's application.

I received a letter from my bank stating that I am the fourth beneficiary of this infamous fra--ud money, a Twitter user said. This occurred more than five days following a profitable trade. I am unable to access the funds inside my locked account. Is this correct, please? It's unjust because I have nothing to do with the hack or Flutter Wave. --A Twitter User

Adebesin's move requests that 107 accounts, including their fifth beneficiaries, be placed on lien/Post-No-Debit (PND).

Flutterwave has discredited the Reports

Flutterwave officially refutes the breach, claiming,  “we identified an unusual trend of transactions on some users’ profiles. Our team immediately launched a review (inline with our standard operating procedure), which revealed that some users who had not activated some of our recommended security settings might have been susceptible.”


According to the statement, Flutterwave was able to fix the problem before any damage was done to its users.

We are glad that our security mechanisms were able to address the issue before any harm could be done to our users, and we wish to reaffirm that no users lost any money.

Our commitment to keeping our users’ financial information safe and secure is why we invest heavily in security initiatives such as periodic audits, certifications, and licenses such as the PCI-DSS & ISO 27001. These are in line with global best practices in information security management.”
More details on this Flutterwave news will be published as soon as more information is received. Make sure you follow this blog for free updates so you don't miss out.

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Allen Oluwatobi is a writer, online researcher and consultant. I love writing about technology and tech-related services.

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