Gbenga Agboola’s Flutterwave denies losing $6.3 million to hackers

Gbenga Agboola, the CEO and co-founder of Flutterwave has denied losing the sum of $6.3 million to hackers. 

On Sunday, there was numerous reports stating that hackers had stolen N2.9 billion ($6.3 million) from the accounts of the San Francisco and Lagos-based fintech unicorn,

On Sunday afternoon, numerous media reports alleged that hackers had stolen N2.9 billion ($6.3 million) from the accounts of the San Francisco and Lagos-based fintech unicorn. 

However, the Nigerian tech billionaire swiftly refuted the claims and stated that no such hack had taken place, stating that the company remains committed to maintaining the security of its client’s funds.

The company said “We want to reassure you that Flutterwave has not been hacked. As a financial institution, we monitor transactions through our transaction monitoring systems and 24-hour fraud desk and review any suspicious activity,”.

The fintech company had started contrary to various media reports about money stolen from Flutterwave’s accounts by hackers and illegally transferred the funds into accounts with different deposit money banks in Nigeria. It stated that its payment system was not hacked and that none of its lost funds nor was the company account hacked.

The company added that it collaborates with other financial institutions and law enforcement agencies to ensure the safety and security of their system. As a trusted financial partner to millions of people, the firm remains committed to upholding the highest standards of security and integrity.

Flutterwave stated its continuous commitment to providing a secure and trustworthy platform for its customers. “We want to confirm that no user lost any funds, and we take pride in the fact that our security measures were able to address the issue before any harm could be done to our users,” said Flutterwave.

This development comes in just three weeks after the Kenyan government had previously alleged financial wrongdoing to Flutterwave.The country’s Asset Recovery Agency obtained an ex parte order to investigate Flutterwave Payments Technology, the lawsuit was dismissed upon investigation and lifted the freeze on assets, leading to Flutterwave’s funds being released. 

The fintech unicorn regained access to its $52.5 million in frozen funds, which had been spread across multiple banks, including Guaranty Trust Bank, Equity, EcoBank, KCB, and Co-operative Bank.

With these numerous challenges, Gbenga Agboola’s fintech company remains committed to maintaining the highest standards of integrity and security for its users.