According to Techpoint Africa, Flutterwave, Africa's largest startup by private valuation, was involved in a hack last month that resulted in over ₦2.9 billion (~$4.2 million) missing from its accounts. Unknown actors transferred the funds across 28 accounts in 63 transactions in early February. Police investigations are ongoing, and Flutterwave has filed a motion and seeks to freeze accounts across 27 financial institutions that interacted with the missing funds. Flutterwave has denied that it was hacked. Instead, it claimed that during a routine check of its transaction monitoring system, it identified an unusual trend of transactions on some users' profiles, and its team immediately launched a review, which revealed that some users who had not activated some of its recommended security settings might have been susceptible. Flutterwave confirmed that no user lost any funds and that its security measures were able to address the issue before any harm could be done to its users.

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