Glade denies misleading $214,000 internal hack

Glade, a Nigerian based fintech startup, has strongly debunked the news making the rounds online that it suffered an internal hack of about $214,000.

Earlier on June 19th, 2023 a few media houses have published a story claiming that Glade was the victim of a breach that led to the loss of $214,000.

In addition to the breach, it was also reported that Glade’s co-founder, Temitope Hundeyin, has also left the company on the basis of being sidelined in the running of the business.

However, the Techstars backed company issued a press statement titled “Our Response to Media Reports Regarding Internal Breach in February 2022” to address the matter.

According to the statement, Glade expressed its disappointment saying “the story is replete with half-truths designed to misinform the public and borders on an attempt to sensationalize old news to gain readership.”

Glade stated that the breach incident occurred over a year ago, in February 2022, and the situation was adequately addressed and controlled. “We addressed the incident by reinforcing our security systems to prevent future occurrences. We also reported the incident to the authorities, leading to arrests, recoup of funds, and an ongoing investigation by the Economic and Financial Crimes Commission,” the fintech firm stated."

Furthermore, Glade claimed that they’ve implemented robust measures to ensure customer funds' safety and prevent compromise.

Commenting on the termination of Temitope Hundeyin, the fintech company stated that her termination had nothing to do with the breach that happened over a year ago, and neither was it a fallout on the management style at Glade.

“In March 2023,” Glade stated, “her employment was terminated due to poor performance and, among other concerns, a conflict of interest that led to her lack of dedication and commitment.”

In recent years, cyber fraud has plagued the Nigerian financial technology space, with various companies reporting incidents of financial breaches. Some of these companies are Globus and MTN’s MoMo