Fejiro Hanu, the Chief Executive Officer (CEO) of the Nigerian cryptocurrency exchange Patricia, has dismissed rumors of its closure and labeled them as a tactic by the media to generate clicks. Hanu confirmed that the exchange is still fully operational.
In a post on X, Hanu stated that despite granting interviews and sharing information with media outlets, they manipulated the story to attract more views and further their own agenda. Patricia came under scrutiny after experiencing a hacking incident in May 2023, resulting in a significant loss of customer funds.
Although there were claims that customer funds were secure, users have faced persistent challenges in accessing their funds since April 2023. This lack of access to users’ funds sparked speculation about a potential exit scam, causing concerns among customers who had funds trapped on the platform.
In a recent post on X, Hanu expressed that despite providing interviews and sharing information with media organizations, they distorted the narrative to gain more attention and align with their own motives.
Source:
Hanu Fejiro
In response to customer requests, Patricia converted the value of customer assets into its native Patricia Token (PTK) in October 2023, assuring future repayment. Patricia emphasized its commitment to integrity and customer trust by introducing PTK as an internal customer asset.
Patricia stated its dedication to reimbursing holders with 1 Tether (USDT) token for each Patricia token, ensuring the recovery of assets after the security breach. Patricia clarified that PTK is not an on-chain token but rather represents debt and is managed internally by the company.
Related:
Losses from crypto hacks decrease by 67% in April to $60 million
In the post on X, Hanu provided users with an update on Patricia’s current status and assured them that Nigerian security services are handling the case. Hanu mentioned that Patricia is awaiting the prosecution and conviction of the individuals involved, highlighting that efforts are underway to resolve the situation.
In November 2023, an arrest was made in connection with the theft of funds from the Patricia crypto wallet. Politician Wilfred Bonse was apprehended by the Nigerian Police Force (NPF) and accused of stealing over 200 million Nigerian naira ($246,153) from Patricia Technologies’ crypto wallet.
The NPF stated that the case includes charges of criminal conspiracy, 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.
Magazine:
Analysis of Crypto Hacks reveals the preferred exploit of the Lazarus Group