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Police Arrests Bonse, Politician over Alleged Theft of Patricia Tech Crypto

Patrricia
Patrricia

Nigerian Police Force (NPF) has arrested Wilfred Bonse, a Nigerian politician, in connection to the theft of over N200 million ($246,153) from Patricia Technologies’ crypto wallet.

Police Arrests Bonse, Politician over Alleged Theft of Patricia Tech Crypto

Patricia is an alternative financial services provider for individuals and businesses with focus on cryptocurrencies.

Bonse, was the governorship flag-bearer of New Nigeria Peoples Party (NNPP)in Cross Rivers State in the 2023 general elections,

He was arrested allegedly conspiring to launder the sum of ₦50 million that originated from the fraudulent diversion of ₦607 million from Patricia.

The arrest follows an investigation by the National Cybercrime Center, revealing Bonse’s alleged involvement in the unauthorized fund diversion and conversion of cryptocurrency wallets belonging to Patricia Technologies.

The charges against him include criminal conspiracy, the unauthorized alteration of computer systems and network data, and the illicit diversion of funds exceeding N200 million.

These allegations were detailed in a petition submitted to the inspector general of police, marking a significant step in the ongoing investigation.

The arrest is linked to the high-profile hacking incident that befell Patricia Technologies in May, resulting in a substantial loss of customer funds.

Patricia Technologies responded to the incident by converting the value of customer assets into its native Patricia Token (PTK), assuring customers of future repayment.

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

Olumuyiwa Adejobi,spokesperson, NPF, stated in a press release that Bonse’s arrest was for the theft, conversion of cryptocurrency wallets, and unauthorized fund diversion from Patricia Technologies.

The investigation also implicates several individuals, with some still at large. Bonse specifically faces accusations of conspiring to launder 50 million naira from the fraudulent diversion of 607 million naira ($747,076) from Patricia Technology’s account to his bank account through a cryptocurrency wallet.

The arrest brings potential relief to Patricia Technologies, as the company faced heightened scrutiny and skepticism following the hacking incident.

Customers, concerned about the security of their assets, were assured by Patricia Technologies that it would reimburse them with 1 Tether (USDT) token for each Patricia Token as part of the recovery process.

To address customer concerns, Patricia Technologies enlisted DLM Trust as an escrow agent for distributing customer repayments. However, this arrangement faced a setback as DLM Trust withdrew from its role due to disagreements with the company. Despite the withdrawal, Patricia Technologies has expressed its commitment to proceeding with the repayment schedule this month.

 

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