The Nigerian retail trading app, Patricia, has reportedly transformed the Bitcoin (BTC) and other tokens owned by its customers into its proprietary token called Patricia Token (PTK).
In a recent announcement introducing its new app, Patricia Plus, the company described PTK as a stablecoin pegged to the U.S. dollar, where 1 PTK is equivalent to $1. However, customers of Patricia are still concerned about whether they will ultimately gain access to their funds.
Say hello to stability, innovation, and your ticket to a seamless financial journey. pic.twitter.com/F0Q8G6eFJ3
— Patricia (@PatriciaSwitch) August 18, 2023
The import of this tweet is skipping everyone commenting "when are we getting our money?"
You're not getting it lol.
They've taken your naira and bitcoin and replaced it in your hot wallet with a worthless shitcoin called "Patricia Token".
Exit scam Pro max. https://t.co/DiGLXOgNn0
— David Hundeyin (@DavidHundeyin) August 19, 2023
In May 2023, Patricia suspended withdrawals for its platform users following the disclosure of a security breach. The company revealed that both Bitcoin and Naira assets had been affected and informed its customers that it had incurred an undisclosed loss.
Though Patricia did not state the date its crypto exchange was hacked, the hack most likely happened in January 2022 and up to $2 million was reportedly lost.
Following the suspension of withdrawals on the Patricia platform, users expressed their concerns and frustrations on Twitter highlighting the inconveniences caused by the situation. Despite the backlash, the company said it remains committed to improving the security measures of its platform.
Established in 2017, Patricia has gained recognition for its crypto and gift card trading services which have made it a target for malicious actors. As of early 2021, Patricia had hit over 800, 000 users making it one of the leading crypto exchanges on the continent.
Patricia was the only and first exchange to sponsor the Big Brother Naija (BB Naija) in 2021 which, according to Patricia CEO, Fejiro Hanu Agbodje, was an expensive investment, but well worth it.
In 2022, BitKE caught up with Hanu, to talk about his journey and how he built the Patricia exchange where he provided insights into the company’s business.
Originally founded as a platform to purchase gift cards, the platform ventured into the cryptocurrencies business due to user demand. According to Hanu, in the podcast, there was a prevalence of scams affecting consumers, including himself, hence the need to create a secure platform to purchase cryptocurrencies.
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