• Nigerian fintech Flutterwave has denied reports suggesting its user accounts were hacked and $6.3 million stolen.
• The firm stated that a routine check of its transaction monitoring system uncovered „an unusual trend of transactions“ on some user profiles.
• Flutterwave took preemptive action to address the issue before any harm could be done, they said; however, users have disputed this version of events.
Flutterwave Denies Client Account Hacking Reports
The Nigerian fintech Flutterwave has rejected reports suggesting that hackers have stolen as much as $6.3 million from user accounts. The fintech firm said a routine check of its transaction monitoring system helped to uncover „an unusual trend of transactions on some users‘ profiles.“ Motion to Freeze The Nigerian fintech unicorn, Flutterwave, has said reports suggesting that hackers stole approximately $6.3 million from client accounts are not true. In a statement issued on March 5, the fintech insisted that no user lost any funds and that corrective action taken had in fact enabled it to „address the issue before any harm could be done to our users.“
Flutterwave’s Response
Flutterwave’s statement denying the hacking claims followed a Techpoint report which suggested that as much as $6.3 million (2.9 billion naira) had been siphoned from users‘ accounts. According to the statement, the company is working with financial institutions and law enforcement agencies to keep their ecosystem safe and secure. Flutterwave also claimed that their preemptive steps helped them address the issue before any harm was done to their users.
User Disagreement
Meanwhile, on Twitter, some users rejected Flutterwave’s version of what transpired and have insisted that the hacking incident is true. One user posted evidence such as an affidavit swearing this is true along with an expired lawyer seal dating back to 2017 and a confirmation by his bank stating Flutterwavw contacted them in regards to this matter..
Company Investigation
In response to this situation, Fluterwave said it is currently conducting an investigation into these events in order guarantee customer security moving forward while vowing never compromise their customer’s trust again .
Conclusion
At present time, it remains unclear whether or not there was indeed a breach in security at Fluterwave but regardless they are taking steps necessary ensure customer security and transparency moving forward .