While other advance countries are paving ways for bitcoin operations to exist and function to the advantage of their economy, at home our government is rather making themselves a stumbling block to the technology from spreading in the country among the interested youths.
For a government that placed ban on all crypto activities in the country then there's no doubt if they're are said to harbouring a sinister motive to cripple the p2p transaction medium the unperturbed Nigerian crypto enthusiasts are using for their crypto business. One thing inonownis that we going to win the fight eventually cause I don't see how this hack situation warrant a need to targeting p2p users in Nigeria except for the obvious.
Topic: Flutterwave hack: P2P users faces account freezing (Read 200 times)
Here's another news wey just dey come out today self, In what looks like fresh ₦450m Flutterwave breach, Nigeria Police detains crypto traders. Like dis now innocent people fit get the heat for wetin dem no know anything about and e fit discourage people from using P2P platforms self. Make we dey watch how things go play out.
Omo.. I no go lie, this breaching scam is actually getting out of hand and something urgently gat needs to be done or we all face another general punishment by our Nigerian government (as we know say eh no dey take 2secs for them to drop am). Because I just read the article link provided above, and I must say that it's very bad in most cases seeing trader suffer punishment for the crime they know totally nothing about, just simply because the buyer paid them through the hacked account. Quote
Beneficiaries of the ₦2.9 billion ($6.3 million) Flutterwave breach reported in March have confirmed they were detained by the police.
So here are few lessons I think we should all learn from all this thing happening.
1. Never sell large amount of crypto coin at once, as you never can know if the money might be a stolen money, like in the case of Ajayi and Williams who got arrested for getting paid from a hacked flutterwave account.
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Ajayi’s story (crypto trader) is similar to Williams’. He sold USDT to a Chinese customer for naira, and like Williams, he has been in business with this customer for years.
He told Techpoint Africa that the transaction started on March 21 and ended on March 22, 2023. He said the total amount of USDT sold was around ₦200 million.
He told Techpoint Africa that the transaction started on March 21 and ended on March 22, 2023. He said the total amount of USDT sold was around ₦200 million.
2. Bitcoin remains the best place to store our funds and have total control of it, because just in the case of Phillip whose fund got deducted #20,000 and yet to recover his fund till date. If only had he store his funds in Bitcoin, it would have been safe
Quote
some Flutterwave users who had funds removed from their accounts without authorisation are yet to be reimbursed.
Similarly, another Flutterwave user, Philip, is yet to get a refund of the ₦20,000 ($43) that left his account in September 2022.
Similarly, another Flutterwave user, Philip, is yet to get a refund of the ₦20,000 ($43) that left his account in September 2022.
legendary
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I think it's going to be bad news if this problem results in a situation where the Nigerian government has to close P2P because that's the only easy means Nigerians are using to acquire cryptocurrency. Unless there's going to be another solution to support the situation, what more could be developed as a prerequisite of P2P?
If e reach that stage, dem go closed the centralized ones but the decentralized platforms them will still be existing, platforms like Binance no go get choice but to finally disassociate themselves from Nigerian market and e go become a very big problem. If the government fully fight cryptocurrency, e go reduced the investment wey the industry supposed to dey bring come the country, already we dun see how the current ban dey after the country. Things wey suppose dey come this side based on our involvement for the industry dey go other countries like Ghana wey no even get better Bitcoin presence compared to Nigeria.
Make we just hope say flutterwave fit handle the issue welle and e no go be a problem or give crypto industry more bad images because as it stand now, e no dey look good oh. Here's another news wey just dey come out today self, In what looks like fresh ₦450m Flutterwave breach, Nigeria Police detains crypto traders. Like dis now innocent people fit get the heat for wetin dem no know anything about and e fit discourage people from using P2P platforms self. Make we dey watch how things go play out.
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I just dey pity those wey fall victim to this scammers and you no go blame them as e fit happen to anybody, personal I dey like trade in smaller value since this scammers dey normally target account wey dey very active in the trade with large amount. How dem wan take settle this matter now? The only choice na to ban P2P finally for the country because if this crimes go unsolved bet me boys go begin this type of scams now and I no go doubt if inside jobs dey involved in this case so.
I think it's going to be bad news if this problem results in a situation where the Nigerian government has to close P2P because that's the only easy means Nigerians are using to acquire cryptocurrency. Unless there's going to be another solution to support the situation, what more could be developed as a prerequisite of P2P?
legendary
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It is no longer news about the ban of cryptocurrency in the country but one thing that is not clear is the connection between the flutterwave hack and P2P trades. Are they correct with their findings that the money trail revealed how it was used to acquire crypto assets through P2P services? Or is it because the ban of cryptocurrency has little effect on crypto enthusiasts as digital assets are mostly been traded through P2P services, so in other to instill fear and discourage people from using it, CBN came up with this cock and bull story about the flutterwave hack? Share your thoughts.
No I no really think say na fear matter wey CBN wan really do, but this thing actually happened. Like cryptocurency na the best way to hide money wey you thief and what best than having others pay for your crime by trading with them like you send them the naira and dem send you Bitcoin wey be say you fit hold for as long as the case they hot then when things settle, you use mixer use run the funds to your personal wallet. Nigeria no get the facility to use tracks this scams and our case no dey pass few months e dun die. If na dem really track the case for years to get the scammers.
I just dey pity those wey fall victim to this scammers and you no go blame them as e fit happen to anybody, personal I dey like trade in smaller value since this scammers dey normally target account wey dey very active in the trade with large amount. How dem wan take settle this matter now? The only choice na to ban P2P finally for the country because if this crimes go unsolved bet me boys go begin this type of scams now and I no go doubt if inside jobs dey involved in this case so.
Source: https://twitter.com/theflutterwave/status/1632498010444685312?t=CiFltk9KfFW7sgpnkouxig&s=19
I had to go dig this out, this is a tweet from Flutterwave claiming that their account was not hacked. They are just going forward and backward, they don't even know what they are saying... Or is it the the media reported what never happened?
What I mostly don't understand in the statement from flutterwave blaming this on the user, I am kind of confuse because if the user failed to activate some security feature and a hack happens it is the user account that should be at risk and not flutter wave own reserved where the money was stolen from.
-CBN may be chasing shadows since they already know the extent of their failure in tracking financial transactions.
And It is very unlikely that someone would have a good amount of money in his/her account and would not activate security features. CBN is just making P2P trader scapegoats.-CBN may be chasing shadows since they already know the extent of their failure in tracking financial transactions.
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Good. Thanks for bringing up these, @Sokani. This tweet was done on March 23. Like I said before, Flurtter Wave denies the hacking claims. I hope Charles-Tim sees this.
Though initially, it was still Fluerwave that made claims that they were hacked, and the hackers made away with $2.9 billion on 63 transaction to 28 different Nigeria bank aaccounts.
Then on march 23, they came up with their tweet to say that they were not hacked.
Not that Flutterwave denied the hacking precisely, but blaming it on people that do not follow security measures.
Flutterwave was just unrealistic with the whole claims and I can say they made a false claim from the beginning.
Source: https://twitter.com/theflutterwave/status/1632498010444685312?t=CiFltk9KfFW7sgpnkouxig&s=19
I had to go dig this out, this is a tweet from Flutterwave claiming that their account was not hacked. They are just going forward and backward, they don't even know what they are saying... Or is it the the media reported what never happened?
What I mostly don't understand in the statement from flutterwave blaming this on the user, I am kind of confuse because if the user failed to activate some security feature and a hack happens it is the user account that should be at risk and not flutterwave own reserved where the money was stolen from.
-CBN may be chasing shadows since they already know the extent of their failure in tracking financial transactions.
And It is very unlikely that someone would have good amount of money in his/her account and would not activate security features. CBN is just making P2P trader scapegoats. -CBN may be chasing shadows since they already know the extent of their failure in tracking financial transactions.
now Fluter Wave has denied the hacking claims.
Not that Flutterwave denied the hacking precisely, but blamed it on people that do not follow security measures.-CBN may be chasing shadows since they already know the extent of their failure in tracking financial transactions.
Are they correct with their findings that the money trail revealed how it was used to acquire crypto assets through P2P services?
From wetin I hear, dem talk say CBN dey crack down on people wey get connections to the hack. Me sef nor sabi how e take dey connected to P2P but as them talk if you dey conduct P2P services you gats dey very careful because wetin I dey tink be say dem just dey find scape goat. On the other hand, i nor blame Flutterwave for ttrying to deny the whole incidence sha, dem don already get bad name for the internet and dem nor go want anything wey go tarnish their image more. Anyways me sef sidon dey look how the matter go be. Nigeria and CBN go try as much as they can to get evidence at hand that is why maybe them use p2p traders accounts as scapegoat, if not, I can't also found anything P2P traders did wrong in the news, the news was about Flutterwave hack and I am sure all these guys running p2p service no de make am public even the transactions are not showing that it is a crypto transaction; Therefore, I just feel say CBN go try use this medium to scare p2p traders.
Naso myself see am... I no really see any link between the hack and P2P trading, dem just the look for opportunity to clamp don on P2P traders. Na good question you ask say how dem want know say this account holder dey do P2P trade... I know no how true it is but e get wan rumour wey I been hear sometime ago say them get spies for telegram and whatsapp group wey dem dey do some of this P2P services. Aside that I think e go dey difficult for them to know....meaning they are not denying the hack but rather put the blame on users that might overlooked their security recommendations.
Thanks for the clarification 
It is no longer news about the ban of cryptocurrency in the country but one thing that is not clear is the connection between the flutterwave hack and P2P trades. Are they correct with their findings that the money trail revealed how it was used to acquire crypto assets through P2P services? Or is it because the ban of cryptocurrency has little effect on crypto enthusiasts as digital assets are mostly been traded through P2P services, so in other to instill fear and discourage people from using it, CBN came up with this cock and bull story about the flutterwave hack? Share your thoughts.
Nigeria and CBN go try as much as they can to get evidence at hand that is why maybe them use p2p traders accounts as scapegoat, if not, I can't also found anything P2P traders did wrong in the news, the news was about Fluctterwave hack and I am sure all these guys running p2p service no de make am public even the transactions are not showing that it is a crypto transaction; Therefore, I just feel say CBN go try use this medium to scare p2p traders.Not that Flutterwave denied the hacking precisely, but blaming it on people that do not follow security measures.
Mr Charles, they denied that they were hacked.... I think they were really hacked and what they are doing is damage control.
CBN is anti-crypto and they don't like seeing people been involved in it because it has come to take over their jobs and it is a treat to them. Nigeria citizens have seen the lime light with crptocurrency and wouldn't even listen to whatever measures the government and CBN wants to take to stop it since it is a decentralized system. As the days are passing by the more youths are adopting bitcoin because they have understood his benefit and free which the user enjoys. Those that their accounts was frozen do they really know about the hack or the government is only suspecting them. Why is flutterwave denying the hack,it means that they have never been transparent in their dealings.
I have not been following this news but it has now caught my attention, after this I would do my investigations on it and also check out Flutterwave to see if it’s a legit platform.
Although from what you have written here I don’t see the correlation with the federal government ban placed on Crypto-currency this is a case of hack although I would do my personal research on it.
Although from what you have written here I don’t see the correlation with the federal government ban placed on Crypto-currency this is a case of hack although I would do my personal research on it.
Despite the fact that the CBN and the Nigerian government have limited the use of cryptocurrency in the country, Nigeria remains a dominant country in the use of cryptocurrency. Most Nigerians are profiting from crypto, and it seems the government doesn't really like it knowing that serious crypto transactions are still going on in the nation, and they will still look for possible means to try to stop it. After all, now Fluter Wave has denied the hacking claims.
Nigerians are industrious and most of us thrive where many fail. The COVID 19 epidemic opened a lot of opportunities through people can make money working from home and one of the ways through which they can get paid for their services is through cryptocurrency. The fact that some miscreants are using it to perpetrate evil doesn't make it all bad. History is knocking on our doorstep and Nigerians don't want to be left behind, and we are maximizing every opportunity as it comes. The Central Bank of Nigeria and Nigerian government should come to terms that crypto has come to stay, they can try to regulate it but there's no stopping.Not that Flutterwave denied the hacking precisely, but blaming it on people that do not follow security measures.
Mr Charles, they denied that they were hacked.... I think they were really hacked and what they are doing is damage control.
now Fluter Wave has denied the hacking claims.
Not that Flutterwave denied the hacking precisely, but blaming it on people that do not follow security measures. hero member
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Despite the fact that the CBN and the Nigerian government have limited the use of cryptocurrency in the country, Nigeria remains a dominant country in the use of cryptocurrency. Most Nigerians are profiting from crypto, and it seems the government doesn't really like it knowing that serious crypto transactions are still going on in the nation, and they will still look for possible means to try to stop it. After all, now Fluter Wave has denied the hacking claims.
Are they correct with their findings that the money trail revealed how it was used to acquire crypto assets through P2P services?
Nothing concerns CBN about bitcoin or crypto P2P transactions. We all know the situation in Nigeria as CBN dislike crypto transactions, people that are making use of crypto P2P are not even flagging the transaction to be about cryptocurrencies. But CBN is targeting those in connection with Flutterwave hack, they are not concerned if the person uses it for bitcoin or crypto transaction or not. Quote
Nigerian crypto investors using peer-2-peer (P2P) services have expressed concerns over the Central Bank of Nigeria flagging their bank accounts. CBN's decision to flag their is believed to be in relation to the near $6.3 million (2.9 billion naira) Flutterwave hack, as the bank account have yet-to-be proven affiliations with the hack.
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According to local news source on Feb. 19, Albert Onimole, legal counsel for Nigerian fintech company Flutterwave, reported to police in Yaba, Lagos, that almost $6.5 million (3 billion naira) had been illegal transferred from the accounts of his client.
Quote
In an official statement, Flutterwave denied the hack, saying it identified an unusual trend of transactions on some users profile and immediately launch a review in line with its standard operating procedures. The review purportedly that some users who had not activated recommended security settings might be susceptible to hacking. This statement added that Flutterwave was able to address the issue before any harm was done to its users.
https://cointelegraph.com/news/nigerian-crypto-investors-question-central-bank-s-decision-to-flag-p2p-users/https://twitter.com/wealthyrichy10/status/1632504018399383554?t=_3HUVBmgt0_yiGdUBImB0w&s=19
It is no longer news about the ban of cryptocurrency in the country but one thing that is not clear is the connection between the flutterwave hack and P2P trades. Are they correct with their findings that the money trail revealed how it was used to acquire crypto assets through P2P services? Or is it because the ban of cryptocurrency has little effect on crypto enthusiasts as digital assets are mostly been traded through P2P services, so in other to instill fear and discourage people from using it, CBN came up with this cock and bull story about the flutterwave hack? Share your thoughts.
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