On March 3, 2023, a Twitter user tweeted about a hack at Flutterwave. Two days later, on March 5, Flutterwave denied the report of a hack,<ref>[{{cite web |url=https://techpoint.africa/2023/03/05/hackers-have-stolen-2-9-billion-from-flutterwave/ |title=Hackers steal ₦2.9 billion from Flutterwave accounts, motion granted to freeze accounts connected with stolen funds |work=TechPoint Africa] |date=2023-03-05}}</ref> stating that customers did not lose any funds. However, several sources told TechCabal that they lost funds and their accounts were frozen. The court documents seen by TechCabal included a petition by Flutterwave's legal counsel to the police, dated February 20, 2023.<ref>{{Cite web |last=Oladunmade |first=Muktar |date=2023-03-10 |title=Hundreds of accounts frozen in relation to alleged Flutterwave hack |url=https://techcabal.com/2023/03/10/hundreds-of-accounts-frozen-during-flutterwave-hack-allegation/ |access-date=2023-03-10 |website=TechCabal |language=en-US}}</ref> On February 8, 2024, TechCabal further published an exclusive report into how Flutterwave has been defrauded up to the tune of $24m through a court order secured to obtain return of such funds from over 6,000 Nigerian bank customers.<ref>{{Cite web |last=Oladunmade |first=Muktar |date=2024-02-08 |title=Flutterwave gets court order to recover $24 million lost to unauthorized POS transactions |url=https://techcabal.com/2024/02/08/flutterwave-to-recover-missing-24million/ |access-date=2024-02-12|website=TechCabal |language=en-US}}</ref>
