GladeFinance Data Breach Records The Highest Loot So Far

The Nigerian digital ecosystem is swift to adopt emerging technology which makes the local marketplace prone to endangered mishaps in terms of recorded cyber attacks infiltrated via unchecked loopholes that got GladeFinance victimised by a data breach that cost the FinTech start-up company a huge sum of money reserved as equity capital to bankroll operations.

GladeFinance is currently trending in the West African FinTech ecosystem for joining the list of African start-ups victims of cyber attacks that tends to impact the recognition of the FinTech start-up company based in Nigeria. According to tech-savviest familiar with the FinTech start-up data hack, the report disclose the data breach was internally orchestrated to bypass the FinTech start-up company’s security system via the backend loophole.

The perpetrators invaded GladeFinance FinTech infrastructure which erupted disturbing news about another hack attack that also sprung the consent of the law enforcement agencies in Nigeria to embark on a scrutiny mission starting with the latest victim of the cyber attack. It is worth noting that Glade was unaware of the unauthorized IP address logged on the backend network until $214 million worth of equity capital was discovered to be unaccounted for in the FinTech start-up company’s balance sheet.

GladeFinance CEO Liyi Victor disclosed reports about being the victim of the latest hack in the continent without disclosing in-depth information on how it happened. Victor didn’t disclose the value of the hacker’s loot to affirm the impact of the internal data breach that is likely to pace the FinTech start-up company to near bankruptcy similar to Chipper Cash’s current status.

Although Chipper Cash’s current bankruptcy status is not the outcome of a hack attack, GladeFinance awaited bankruptcy status is predicted to be inevitable having recorded the highest loot via data breach. The internal data breach got more than one hundred thousand million dollars which surpassed the previous cyber attack TechBooky reported that got Patricia’s crypto-focused FinTech start-up company entangled over a year-long data breach that recorded a $2 million loot

Hacker’s loot from GladeFinance’s stock inventory is more than the loots Patricia hackers got away with despite hovering around the crypto-focused start-up company’s system for over a year. However, it will be less intriguing if the Glade hackers survived on its backend network for a short while and got away with that such an enormous loot.

While Glade’s awaited bankruptcy status is pared to be evenly Chipper — which denotes it could be worse than Chipper Cash’s predicament. GladeFinance will only survive the effect of the hack attack per the tricks Victor unfolds from his sleeves which seems discombobulated at the moment for developing a weak firewall at the backend system of its FinTech solutions.

Chipper’s bankruptcy status is not in-house inflicted but a rub-off from its major investors, the Silicon Valley Bank (SVB) which is yet to regain its domineering stance as an asset financier. In contrast to GladeFinance’s expected bankruptcy pared to the “used-to” SVB-endorsed FinTech unicorn, Glade is expected to bounce back with adequate equity capital offered by its foremost capitalist investor, Techstars- pool of equity to bankroll strengthen its investment firewall system.