Clients of Nigeria cryptocurrencies platform Patricia now have the opportunity to convert their outstanding balances into Patricia company shares.
As per a statement from Patricia CEO, Fejiro Hanu, this procedure constitutes a fundamental element of the company’s approach to secure funding and restructure its financial obligations.
In anticipation of the imminent relaunch of its application and in preparation for its fundraising drive, the company is enabling its users to convert their debt tokens into convertible notes at an attractive discount within the Patricia platform.
Furthermore, Hanu disclosed that these shares will be overseen by a reputable third party with a Nigerian Securities and Exchange Commission (SEC) license, guaranteeing full transparency in the process.
Nonetheless these efforts are not appeasing all of its customers, with the following video demonstrating the reactions of customers. In a media interview, the CEO of Patricia refuted that the targeted location is their office.
So that Patricia bitcoin guy took people’s money and ran away?
People are at their offices rn asking for their money and everywhere is locked. Omo! pic.twitter.com/aZV70U8niD
— Sabi Radio (@TheSabiRadio) October 18, 2023
In May 2023, the Nigerian platform said it had suffered a security breach that resulted in the compromise of its Bitcoin and Naira assets. Though Patricia did not state the date its crypto exchange was hacked, the hack most likely happened in January 2022 and it is thought 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.
According to Hanu, withdrawals will resume once the Patricia app is relaunched, mentioning that this is presently in the beta testing phase. This will likely happen through the Patricia token, which the company introduced in August 2023 after converting from the Bitcoin (BTC) and other tokens owned by its customers.
Certain customers who opted to participate in the testing phase are already redeeming their Patricia Token (PTK), Hanu said. Patricia users have also been informed about the intention to redeem their account balances in phases once the company resumes regular operations.
Follow us on Twitter for the latest posts and updates
_________________________________________
_________________________________________
