Flutterwave Loses $4 Million to Hackers — The hack was reportedly executed in Nigeria, where over ₦2.9 billion was transferred...

Flutterwave Loses $4 Million to Hackers in Nigeria

Hackers reportedly stole $4 million from African fintech company, Flutterwave, in early February 2023. The hack was executed in Nigeria, where over ₦2.9 billion was transferred from Flutterwave accounts according to news reports.

Flutterwave's legal counsel reported the case to the police, and investigations are ongoing. Flutterwave is seeking to freeze accounts where hackers transferred some of the money.

To support the company's claims, a suit has been filed to investigate accounts holding the stolen funds in 27 financial institutions in Nigeria, including Access Bank, Kuda, Zenith Bank, and OPay.

The identity of the hackers and how they bypassed Flutterwave's security remain unknown. Some of the company's customers reported frozen accounts in connection to the hack.