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Nigerian Politician Apprehended in Connection to Security Breach at Crypto Exchange

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Arrest Made in Complex Financial Fraud Case

A Nigerian politician, Ambassador Wilfred Bonse, has been apprehended by the Nigeria Police Force (NPF) in connection to a security breach suffered by crypto exchange Patricia Technologies Limited. This development comes as Patricia defaults on its debt repayment schedule to customers following a $2 million exploit in 2022.

Investigation Highlights Alleged Crimes

In a press briefing on November 24, the NPF provided an update on the investigation of a "complex financial fraud case" submitted by Patricia Technologies Limited. The petition outlined several crimes, including theft, unlawful conversion of assets, and unsanctioned fund diversion. Specific suspects, including Ambassador Wilfred Bonse, were named in the petition.

Politician Admits Involvement in Financial Crime

Ambassador Wilfred Bonse, a Nigerian politician and former gubernatorial candidate, admitted to his involvement in the financial crime. He confirmed that his bank account was used in the laundering of 50 million naira ($62,368.30) from the total stolen from Patricia's corporate account.

CEO Expresses Relief at Arrest

Patricia's CEO, Hanu Fejiro Agbodje, expressed relief at the arrest of one of the culprits involved in the financial scheme. He praised the diligence of the Nigerian Police and the commitment of his colleagues, stating that the arrest provides vindication for the company.

Debt Repayment Troubles Continue

Despite the arrest, Patricia Technologies Limited still faces challenges as it fails to comply with its debt repayment plan. The exchange promised to begin funds repayment on November 20 but has not fulfilled this promise. Users are still unable to access their funds, drawing further scrutiny to the embattled crypto exchange.

About the Author

Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.