Former Nigerian Gubernatorial Candidate Arrested in Connection to Crypto Exchange Security Breach and Debt Default

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A Nigerian politician, Ambassador Wilfred Bonse, has been arrested by the Nigeria Police Force (NPF) in connection to a security breach suffered by crypto exchange Patricia Technologies Limited. The exchange has defaulted on its debt repayment schedule to customers following a $2 million exploit in 2022. The NPF received a petition from Patricia Technologies Limited, which outlined various crimes including theft, unlawful conversion of assets, and unsanctioned fund diversion. One suspect, Amb. Wilfred Bonse, has been apprehended, and he admitted to his involvement in the financial crime. Patricia’s CEO expressed relief at the arrest, stating that it vindicates their claim of being hacked. However, Patricia is still facing troubles as it has failed to comply with its debt repayment plan. The exchange promised to begin funds repayment on November 20 but has not fulfilled this promise, drawing more scrutiny to the embattled crypto exchange.

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