Nigerian Authorities Arrest a Politician Linked to Patricia Technologies Wallet Heist
Nigerian Police Force has reported that Wilfred Bonse, a politician hailing from the country has been arrested on account of theft charges. Local media reports indicate that the case involves digital wallets and illegal fund transfers originating from Patricia Technologies.
Wilfred Bonse was Working with Hackers
The NPF has told the media the department has arrested one politician linked with the criminal activities namely Wilfred Bonse. He is charged with stealing more than 200 million naira or $246,153 out of wallet account of Patricia Technologies.
The declaration was added by Olumuyiwa Adejobi, who is serving as public relations officer for the force. He extended allegations on Friday claiming that Bonse was working with hackers to launder 50 million naira or $61,538 out of the stolen digital currencies.
He further noted that The National Cybercrime Center of NPF has made important progress in Patricia Technologies incident. Some of the aspects that investigators are working on include unauthorized alteration of computer and networks, criminal conspiracy, and illegal routing of more than 200 million funds or $246,153.
A spokesperson for NPF recently issued a statement containing details about Bonse arrest. He noted that the politician was arrested for stealing, and unsanctioned conversion of crypto wallets.
He further stated that illegal digital currency transfers from Patricia Technologies are also added to the list of his charge sheet. This statement also included other parties that could go on trial for colluding in the case. Various parties named in this case are still not arrested.
The spokesperson noted that ACP Olumuyima Adejobi reported on the development and findings regarding the case as recorded at NPF-NCCC. The NPF-NCCC report confirmed the arrest of Wilfred Bonse to breach the security of Patricia Technologies and committing complex financial fraud.
The report noted that NPF-NCCC has made important advances in the case thus far. Bonse is also under investigation for fraudulent diversion of 607 million naira or $747,076 from company bank account using his digital wallet account. The investigation process is still underway on this matter.
Patricia Technologies Convert Customer Funds into Patricia Tokens
The arrests made in this case have led to increasing trust and stability among crypto investors. The company has also converted client funds into Patricia Token (PTK). The firm has stated that it is working on retaining customer trust and goodwill among investors by introducing PTK.
As per Patricia Technologies officials, the firm will reimburse its investors with 1 USDT token for every PTK unit. In this manner, the investors affected by the hack will be able to recover their funds.
The firm further noted that PTK token is not on-chain coin and operates as internal digital currency. It represents debt that the firm is managing. The firm has also established a DLM Trust as escrow fund to ensure redistribution of customer payments. However, the trust was withdrawn on account of disagreements among company operators.
The repayment process is scheduled to take place during this month. The company has retained that it will operate as a liability management firm. The Nigerian trading platform has published a white paper to address the skepticism and issues raised by investors.
The firm halted withdrawals and deposits since April on account of a security breach. The white paper informs the investors that Bitcoin and naira balances converted into PTK are redeemable in the form of USDT.
