As a long-term investor in crypto, I’ve seen my fair share of ups and downs in this volatile market. The recent news surrounding Patricia, Nigeria’s first local crypto exchange, has left me feeling frustrated and concerned.
Fejiro Hanu, the CEO of Patricia, Nigeria’s initial homegrown crypto exchange, has refuted speculations of its impending shutdown. He labeled these rumors as a manipulative tactic to generate media clicks and reiterated that the platform remains in operation.
In a recent post on X, Hanu voiced disappointment, explaining that despite providing interviews and disclosing details to various media outlets, they manipulated the storyline for greater audience engagement and to align with their specific objectives.
“Good news doesn’t sell as fast as hate/bad news. So everyone is quick to jump on a narrative.”
In May 2023, Patricia Technologies faced close examination after a cyberattack resulted in the misappropriation of a substantial amount of their customers’ funds.
Since April 2023, despite reassurances that customer funds were safeguarded, users have faced ongoing difficulties in gaining access to their money. This prolonged inability to reach their funds has sparked suspicion and rumors of a possible exit scam, causing alarm among users who find themselves unable to retrieve their assets from the platform.
In his latest entry on X, Hanu expressed disappointment, complaining that despite giving interviews and supplying details to news organizations, they manipulated the storyline for greater impact and in line with their own objectives.
In accordance with customer demands, Patricia transformed the worth of customers’ assets into Patricia Tokens (PTK) for future redemption. Patricia underlined its dedication to honesty and client confidence by introducing PTK as a representative form of clients’ assets within the company.
Patricia explained that for every Patricia token held, users will be given back 1 USDT token as compensation. This measure is taken to restore assets following the security incident. However, it’s important to note that PTK is not a native on-chain token but rather an internal representation of debt managed by the company.
In a recent post about X, Hanu informed readers about Patricia’s current condition and reassured them that significant security forces in the country are working diligently to resolve the issue at hand.
As a crypto investor, I understand that Hanu has shared with us that legal proceedings against the other suspected individuals are ongoing. They underscored the importance of due process in resolving these matters and reassured us that dedicated efforts are being made to bring the situation to a satisfactory conclusion.
In November 2023, politician Wilfred Bonse was taken into custody by the Nigeria Police Force (NPF) for allegedly orchestrating the theft of over 200 million naira ($246,153) from Patricia Technologies’ crypto wallet.
According to the National Police Force’s declaration, this case involves allegations of criminal conspiracy, unlawful modification of computer networks and data, and the misappropriation of funds. A detailed account of these charges was presented in a report submitted to the office of the inspector general of police.
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2024-05-02 10:35