Patricia CEO Denies Closure Rumors; Promises Repayment Through Proprietary Tokens Amidst Hacking Scandal Aftermath
Summary:
Fejiro Hanu, CEO of Patricia, Nigeria's first local crypto exchange, refutes rumors of the platform's closure and blames the media for distorting the truth. The company faced scrutiny after a hacking incident in May 2023 leading to significant customer losses. Patricia plans to repay clients by converting their assets into a proprietary token called Patricia Token (PTK). An arrest has been made in relation to the cyber theft, and the case is actively being addressed by major security divisions in the country.
Fejiro Hanu, the head of Nigeria's pioneering cryptocurrency exchange, Patricia, has squashed allegations about the platform shutting down, labeling such rumors as a media gimmick for audience engagement, and affirmed that the business remains operational. In a statement issued on X, Hanu voiced his disappointment over how the media has manipulated the story for their advantage, despite having given interviews and disseminated related information. He noted, " Everyone is in a rush to perpetuate a negative narrative, as it usually garners more traction than positive news."
Patricia Technologies was thrust into the limelight following a cyberattack in May 2023, which resulted in substantial customer monetary losses. Regardless of assurances that clients' funds were safe, the platform's users have consistently faced challenges in accessing their money since April 2023. This persistent issue sparks suspicions of a possible exit scam, heightening worry for those with frozen funds on the platform.
Recently, Hanu issued a statement on X, once again expressing frustration over how the media has manipulated the story for their own benefit, despite his cooperative efforts in giving interviews and disseminating related information.
According to Hanu Fejiro, in response to customer demands, Patricia agreed to convert clients' assets into its own proprietary cryptocurrency, Patricia Token (PTK), thus promising to repay in the future. The move highlighted Patricia's dedication to upholding its reputation and consumer trust, introducing PTK as a proxy for customer assets. The company further stated its aim to pay back token holders 1 USDT token for every Patricia Token, assuring an asset retrieval process following the security breach. Patricia reiterated that PTK is not a blockchain-based currency, but an internal loan-representation token under the management of the company.
Hanu, in his recent statement issued on X, reassured users about Patricia's current situation, stating that national security agencies are keenly handling the matter. Hanu noted that while the proper legal handling of these cases may take time, efforts are in progress to reach a resolution.
In November 2023, authorities arrested a suspect in relation to the theft from Patricia's cryptocurrency wallet. Nigerian authorities detained Wilfred Bonse, a politician, on charges of purloining over 200 million naira ($246,153) from Patricia Technologies' cryptocurrency wallet. The authorities stated that the case involves sequential manipulation of computer systems and network data, unauthorized money diversion, and criminal conspiracy, as detailed in a complaint submitted to the chief of police.
Related: Cryptocurrency swindles dropped by 67% in April amounting to $60 million.
Published At
5/2/2024 10:25:03 AM
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