African fintech unicorn Flutterwave has denied losing ₦2,949,557,867 to hackers. Earlier on Sunday, reports claimed that hackers had stolen that amount from the company’s accounts, affecting over 300 customers. Flutterwave, however, said no such breach occurred. “We want to reassure you that Flutterwave has not been hacked,” the company stated. “As a financial institution, we monitor transactions through our transaction‑monitoring systems and 24‑hour fraud desk, reviewing any suspicious activity. We collaborate with other financial institutions and law enforcement agencies to keep our ecosystem safe and secure.”
The company further clarified that none of its customers lost funds and that its own account was not compromised. During a routine check of its transaction‑monitoring system, Flutterwave identified an unusual trend of transactions on some users’ profiles. The team immediately launched a review, in line with standard operating procedures, and found that users who had not activated recommended security settings might have been susceptible. “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,” the statement added.
Despite Flutterwave’s denial, reports on Sunday indicated that the tech giant’s counsel, Albert Onimole, had notified the Deputy Commissioner of Police, State Criminal Intelligence Department, Panti, Yaba, about the incident. According to Onimole’s letter, a hack on Flutterwave’s accounts occurred several weeks ago, with the sum initially transferred to 28 accounts in 63 transactions. Although the receiving accounts were listed, the police have not yet frozen them to prevent further movement of the money. Flutterwave alleges that some commercial banks allowed the funds to be moved to other accounts, widening the money trail.
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