Fejiro Hanu, CEO of Nigeria’s first local crypto exchange, Patricia, has refuted rumors of its closure, attributing them to sensationalism for clicks.
Fejiro Hanu, CEO of Nigeria’s first local crypto exchange, Patricia, has denied rumors of its closure, calling them a media ploy for clicks. He stated that the trade is still working.
In a post on X, Hanu expressed frustration, noting that despite granting interviews and sharing information with media outlets, they altered the narrative to garner views and match their purpose. This is what Hanu said:
“Good news doesn’t sell as fast as hate/bad news. So everyone is quick to jump on a narrative.”
Following a hacking incident in May 2023 that resulted in a significant loss of customer funds, Patricia Technologies came under intense scrutiny immediately after the event.
Despite claims that customer funds were secure, users have encountered persistent challenges accessing them since April 2023. This lack of access to users’ funds fueled speculation about a potential exit scam, raising concerns for customers with funds stuck on the platform.
In a recent post on X, Hanu voiced frustration, lamenting that despite providing interviews and sharing information with media outlets, they twisted the narrative to garner more attention and align with their own agenda.
In response to customer requests, they converted the value of the customer’s assets into its native Patricia Token (PTK), ensuring future repayment. Patricia emphasized PTK’s commitment to integrity and customer confidence, positioning it as an internal customer asset.
Patricia stated it is committed to reimbursing holders with 1 USDT token for each Patricia token, ensuring asset recovery after the security breach. They clarified that the organization maintains PTK as an internal coin that represents debt, rather than integrating it into the blockchain.
In the post on X, Hanu updated users on Patricia’s status and assured them that major security divisions in the country are actively addressing the situation. Additionally, Hanu mentioned that they are currently waiting for the prosecution and conviction of the other suspects who were involved in the incident.
He highlighted that resolving such matters properly takes time and stated that efforts are underway to rectify the situation. The Patricia crypto wallet heist led to an arrest in November 2023.
In November 2023, the Nigeria Police Force (NPF) apprehended politician Wilfred Bonse, accusing him of stealing over 200 million naira ($246,153) from Patricia Technologies’ crypto wallet.
The National Police Force (NPF) presented a petition to the police inspector general, alleging criminal conspiracy, illegal alteration of computer systems and network data, and illicit cash diversion. The petition included these allegations.