The news about the arrest of the alleged fraudster, Hushpuppi, and Woodberry have been trending on the internet for a long time.

Hushpuppi and Woodberry were arrested by Federal Bureau of Investigation (FBI) because they were allegedly found to be involved in Cyber-crime.

Hushpuppi (Raymond Abbas ) and Wood berry ( Olalekan Jacob Ponle) are both  known for flaunting wealth on his social media page especially Instagram where they have millions of followers.

Woodberry and Hushpuppi have been extradited to the US and charged in a court at Chicago for engaging in fraudulent practices by the FBI.

It was also added that they did not work alone but conspire with other people in different countries to do engage in these practices.

They redirect money that is meant for companies into their own private accounts. The money they gained from these fraudulent schemes has made it easy for them to live the flashy lifestyle they portray on social media.

The FBI latest news on the arrest revealed that they both engage in Business Email Compromise ( BEC) where they impersonate legitimate employees of various US companies and deceived them to send millions of dollars to their own account.

Around January to September 2019, the FBI revealed that Woodberry stashed away billions of naira from a firm in Chicago, United States and made the organization lose about $15,286,000.

The FBI revealed that he engaged in BEC schemes targeting different accounts and hacking them to cause the transfer of their money into their respective bank accounts. 

From these fraudulent schemes, Woodberry has acquired at least 1,494.71506296  Bitcoinwhich approximately worth $6,599,499.98

The money they collect from their victims are quickly converted to Bitcoin because all Bitcoin transactions are only recorded on the blockchain (it holds transactions records while ensuring security and controlled by no single authority) which makes all transaction details unknown to the public. He is expected to appear in court tomorrow for his hearing.

One of the numerous fraud Hushpuppi has engaged in was when he dupes a financial institution and stole a sum of $147 million from a financial institution and allegedly ended up in Hushpuppi bank accounts which he had in different countries.

The FBI also disclosed that he was involved in a scheme of stealing $124 million from an English Premier League Club which the FBI has made the name of the club remain anonymous with reason best known to them.  

The details of him in the Prison has been revealed on the Federal Bureau of Prisons website. The details showed his name, age, race, and location where he has been held but his release date states unknown.

Hushpupi with who has recently hired Gal Pissetzky, a senior lawyer at Chicago because he is faced with a chance of been sentenced to 20 years imprisonment.

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