Patricia Crypto Exchange Gives New Timeline to Repay Customers After Hackers Stole Funds

Jan 18, 2024 | Entertainment, News


  • Patricia Technologies Limited has given a new timeline of two to five years to pay back its customers
  • This followed the recent breach of the company’s platform in 2023 by some high-profile hackers
  • It also said it has strengthened the security of its platforms with a best-in-class technological solution

Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.

Patricia CEO Hanu speaks as customers N2bn remain trapped, offers solution

Patricia Technologies Limited, a crypto exchange platform, has given a timeline of two to five years for the repayment of all customers who lost money following the breach of the company’s platform.

According to a Punch report, this was stated in a press statement on Wednesday, January 17.

Patricia Crypto Exchange Gives New Timeline to Repay Customers After Hackers Steal Fund
Patricia said it had made good on its promise by commencing the repayment to affected customers on November 20, 2023.
Photo Credit: Patricia, Seksan Mongkhonkhamsao
Source: Getty Images

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The company announced in May last year that it experienced a breach of its platform by hackers, which cost both the business and its clients a significant amount of money.

Some progress made

The company reported the matter to the cybercrime unit of the Nigeria Police Force, which in turn made a breakthrough in the investigation by arresting some suspects. It said the suspects are set to be arraigned in court by June this year.

Patricia said it had made good on its promise by commencing the repayment to affected customers on November 20, 2023.

It however added that its decision to spread out the repayment tenure carefully was to make room for the outcome of recovery efforts by the Nigeria Police and inbound revenue from trading on the reinforced Patricia app.

It noted that these will contribute significantly to the needed funds for the planned payment.

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The company’s statement partly read:

“We are transitioning from crisis to creation mode, emphasising value creation designed to enhance service delivery and expedite the return of customers’ lost funds.”

“To manage expectations, Patricia Technologies estimates a repayment plan spanning two to five years. The commitment is to ensure that every customer receives their full and final rightful payments within this timeframe, underscoring the company’s determination to persist until all of its financial obligations are fulfilled.”

New technologies in 2024

Patricia Technologies also hinted that it had worked on a best-in-class technological solution to prevent a repeat of the recent breach.

It said:

“To streamline transactions and fortify security, Patricia Technologies is redesigning the Patricia Plus platform.

The AI-enabled system, scheduled to go live by Q2 2024, aims to offer a simpler, more efficient user experience while reducing operational burdens.”

Nigeria Police arrest politician over N200 million theft

Legit.ng reported that the Nigeria police have revealed that they arrested one Wilfred Bonse, a politician, over the theft of N200 million from Patricia Technologies’ crypto wallet.

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ACP Olumiyiwa Adejobi, the Force PRO, revealed this in a statement issued on Friday, November 24, 2023, saying that Bonse helped hackers launder N50 million from the stolen money.

Olumuyiwa said the Force’s National Cybercrime Centre has made significant progress investigating a complicated financial fraud reported by the crypto exchange platform Patricia Technology Limited.

Source: Legit.ng





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