BrandArena: REVEALED: Why Crypto Marketplace Patricia suspended withdrawals

Tuesday, 30 May 2023

REVEALED: Why Crypto Marketplace Patricia suspended withdrawals

Patricia, a cryptocurrency marketplace, has announced a tentative suspension of withdrawals on its app (mobile and web) owing to a recent security issue. It reported that the intrusion only affected Patricia Personal, the retail trading app and that BTC and Naira assets were compromised.

It reassured stakeholders, however, that "all other crypto balances were unaffected, and customers' and merchants' assets are secure."

Though the corporation did not specify how much money was lost as a result of the attack, Techcabal reports that it occurred in January 2022 and that the company reportedly lost $2 million as a result of the event.

The company stated that a syndicated group was responsible for the breach and has been able to identify a member of the group. It added that it “will continue to pursue this lead and work with security agencies and other partners to ensure a thorough audit of the situation and recover the assets.”

Famously known in Nigeria for sponsoring the Big Brother House, Patricia is an Africa-centric integrated alternative payment and e-commerce company that facilitates the easy use of digital currencies like Bitcoin, Ethereum and other digital assets for everyday transactions.

Hanu Fejiro Agbodjie, CEO and Founder, started it in August 2017 as a Fintech Company centred on Blockchain technology. After having a poor experience trading his gift card for cash, he stated that he wanted to develop a safe and secure platform for people looking to swap their gift cards for cash. Patricia Technologies was founded with the idea of creating a trusted ecosystem for people like him.

The company hopes to lift the suspension after investigations are completed and necessary steps to prevent a recurrence are put in place.

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