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Patricia Exchange CEO denies closure rumors in Nigeria



Patricia Exchange CEO denies closure rumors in Nigeria

Patricia has received criticism following a hack in May 2023 that led to a significant loss of customer funds.

Due to this hack, the retail trading app, Patricia, halted withdrawals for platform users. In an email to customers, the company explained that a security breach prompted this decision.

Part of the email read, “Not long ago, we were victims of a hack. Patricia, the retail trading application, was solely affected by the breach. BTC and Naira assets were compromised.”

Patricia’s CEO, Hanu Fejiro Agbodje, became embroiled in controversy as he faced backlash from Nigerians and Ezra ‘God’ Olubi, the CTO of Paystack. The criticism arose from claims that Agbodje incited his followers to harass a TechCabal journalist who inquired about rumors of Patricia’s shutdown and staff layoffs.

Ezra Olubi used X on May 1 to condemn the use of customer funds to create a misleading image, blaming a “hack” for failures, and responding aggressively to journalists. Olubi’s tweet highlighted a lack of transparency and accountability at Patricia, which raised questions about the company’s practices and integrity.

The incident provoked a strong response from Nigerians, with many expressing anger over Agbodje’s behavior and demanding accountability.

Meanwhile, Fejiro Hanu has refuted rumors about the company’s closure, labeling them a media tactic for clicks and asserting that the exchange remains operational.

Hanu mentioned on X that although he provided interviews and shared information with media outlets, they twisted the story to grab attention and suit their agenda.

“Good news doesn’t sell as fast as hate/bad news. So everyone is quick to jump on a narrative.”

A hacking incident in May 2023 thrust Patricia into the spotlight because it resulted in significant losses of customer funds.

Though Patricia assured users that their funds were safe, users have faced persistent issues retrieving them since April 2023. This ongoing difficulty in accessing funds has fueled rumors of a possible exit scam, intensifying customer concerns over money stuck on the platform.

In a recent X post, Hanu stated that even though he gave interviews and shared insights with the media, they distorted the story to gain more attention and promote their agenda.

To respond to customer requests, Patricia converted the value of customer assets into its own Patricia Token (PTK) in October 2023, promising future repayment. Patricia emphasized its dedication to integrity and customer trust by launching PTK as an internal customer asset.

Patricia committed to compensating holders with 1 Tether token for each Patricia token to ensure asset recovery after the security breach.

Patricia explained that PTK is not an on-chain token; instead, it represents internal debt and the company manages it.

In his post on X, Hanu updated users on Patricia’s situation and confirmed that Nigerian security services are dealing with the case.

Hanu stated that Patricia is pursuing the prosecution and conviction of the suspects involved, emphasizing that they are taking steps to resolve the matter.

In November 2023, the Nigerian Police Force (NPF) arrested politician Wilfred Bonse in connection with the Patricia crypto wallet heist. They accused him of stealing more than 200 million Nigerian naira ($246,153) from Patricia Technologies’ crypto wallet.

The NPF said that the case involves criminal conspiracy, unauthorized modification of computer systems and network data, and illicit diversion of funds, as outlined in a petition submitted to the Inspector General of Police.

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