The CEO of troubled Nigerian cryptocurrency exchange Patricia has accused a sitting member of the House of Representatives of masterminding the platform’s major hack in February 2022.
CEO Hanu Fejiro identified the unnamed politician as the ringleader of the hacking group in a recent interview with Technext. He claimed strong evidence links the Labour Party lawmaker to the breach, which saw Patricia lose around ₦600m worth of crypto assets.
While not disclosing the identity of the implicated representative, Fejiro said the member initially denied involvement but later admitted being behind the hack and promised repayments. So far only around ₦5m has been repaid.
The allegations align with a Nigerian Police investigation that identified seven suspects connected to the Patricia hack late last year. Six suspects were brought in for questioning while a seventh alleged mastermind was still at large, according to reports.
Police previously arrested 2023 Cross River gubernatorial candidate, Wilfred Bonse, for allegedly laundering ₦50m in diverted Patricia funds. Fejiro confirmed Bonse was among multiple influential figures involved.
“We have proof and evidence backing this House of Rep Member and we believe he would be able to make sizeable recoveries if justice is served,” Fejiro stated.
But some express doubts that the powerful politician will fulfill repayment promises that could total over ₦100 million without legal intervention.
The Patricia hack remains shrouded in mystery since it emerged in mid-2022, causing major hardship for users of Africa’s largest crypto exchange.
Fejiro’s bold allegations now hope to compel further investigation and recovery efforts. But prosecuting a sitting House member would likely present steep legal and political hurdles.
Read also: How to protect yourself from Man-in-the-Middle cyber attacks
Patricia continues trying to refund affected users and rebuild trust. However, Fejiro’s accusations suggest much still remains undisclosed regarding how and why the devastating crypto heist occurred in the first place.
Until the truth is uncovered, the damaged exchange will likely struggle to move on while its users clamor for transparency and justice.