Nigeria’s Patricia exchange CEO refutes closure rumors

Amaka Nwaokocha1 hour agoNigeria’s Patricia exchange CEO refutes closure rumorsPatricia came under scrutiny following a hacking incident in May 2023, which led to a significant loss of customer funds.282 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksFejiro Hanu, the CEO of Nigerian crypto exchange Patricia, has denied rumors of its closure, calling them a media ploy for clicks and confirming that the exchange is still operating.

In a post on X, Hanu claimed that despite granting interviews and sharing information with media houses, they distorted the narrative to attract views and fit their agenda:“Good news doesn’t sell as fast as hate/bad news. So everyone is quick to jump on a narrative.”

Patricia came under scrutiny following a hacking incident in May 2023, which led to a significant loss of customer funds.

Despite claims that customer funds were secure, users have encountered persistent challenges accessing them since April 2023. This lack of access to users’ funds fueled speculation about concerns regarding a potential exit scam, raising fears for customers with funds stuck on the platform.

In a recent post on X, Hanu claimed that despite providing interviews and sharing information with media outlets, they twisted the narrative to garner more attention and align with their own agenda.Source: Hanu Fejiro

In response to customer requests, Patricia converted the value of customer assets into its native Patricia Token (PTK) in October 2023, guaranteeing future repayment. Patricia highlighted its commitment to integrity and customer trust, introducing PTK as an internal customer asset.

Patricia stated it is committed to reimbursing holders with 1 Tether (USDT) token for each Patricia token, ensuring asset recovery after the security breach. Patricia clarified that PTK is not on-chain but serves as an internal token representing debt and is managed by the company.

Related:Losses from crypto hacks plunge 67% in April to $60 million

In the X post, Hanu updated users on Patricia’s status and assured them that Nigerian security services are dealing with the case.

Hanu mentioned that Patricia is currently awaiting the prosecution and conviction of the suspects involved, emphasizing that efforts are underway to resolve the situation.

In November 2023, an arrest was made in connection with the Patricia crypto wallet heist. The Nigerian Police Force (NPF) apprehended politician Wilfred Bonse, who was accused of stealing over 200 million Nigerian naira ($246,153) from Patricia Technologies’ crypto wallet.

The NPF said that the case includes criminal conspiracy, the unauthorized alteration of computer systems and network data and the illicit diversion of funds, as outlined in a petition submitted to the inspector general of police.

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