The Nigerian Police Force has apprehended Wilfred Bonse, a former Cross River State governorship candidate, for alleged involvement in the N607 million cryptocurrency fraud against Nigerian fintech startup Patricia.

According to police spokesperson Muyiwa Adejobi, Bonse conspired to launder N50 million connected to Patricia’s security breach in May 2023, where N2 billion worth of crypto assets were stolen from the company’s processing platform.

Investigations revealed Bonse received part of the diverted funds in his bank account via a crypto wallet, as part of a complex criminal conspiracy targeting the fintech firm.

The police cybercrime unit made progress in tracking the financial fraud thanks to painstaking efforts over the past months. More suspects complicit in the unauthorized system hacking and fund diversion remain at large.

Commenting on the arrest, Patricia CEO Hanu Agbodje said politicians were used to steal and launder funds from the company. He noted that the N607 million is only part of total losses but recovering it would significantly relieve affected users.

Repayments to defrauded customers began on November 20th and would continue until complete, Agbodje further assured.

This comes after previous February reports linked Bonse to benefiting at least N40 million from cyber theft schemes by an infamous hacker group. Police investigators say the former governorship aspirant on NNPP’s platform has questions to answer regarding the latest crypto scandal.

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