Nigerian Exchange, Patricia, Suspends Withdrawals Following Alleged Security Bre...

Nigerian Exchange, Patricia, Suspends Withdrawals Following Alleged Security Breach – BitcoinKE

Patricia, a Nigerian platform offering gift card and crypto trading services, has recently experienced a security breach. As a result, immediate actions have been taken to ensure the protection of its users.

As a precautionary step, the platform temporarily suspended fund withdrawals.

Hello Chief,

We have a much needed update for you. #patriciatechnologies #cryptocurrencies pic.twitter.com/AcOIdIE8Vu

— Patricia (@PatriciaSwitch) May 26, 2023

The Nigerian platform has disclosed that it suffered a security breach that resulted in the compromise of its Bitcoin and naira assets. In a communication to users, the company stated that other cryptocurrencies and customer funds remained unaffected by the breach.

While Patricia did not provide specific details regarding the exact amount of assets compromised in the security breach, the company confirmed that it had identified an individual involved in the breach with the assistance of law enforcement. Patricia pledged to collaborate with law enforcement agencies and other partners to recover the affected assets.

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. Patricia acknowledges the importance of addressing user concerns and is actively working towards enhancing the security features to ensure a safer environment for its customers.

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.

The Central Bank of Nigeria (CBN) does not consider cryptocurrencies as legal tender and has implemented regulations to restrict their usage. In February 2021, the CBN issued a ban that prohibited commercial banks in Nigeria from facilitating cryptocurrency transactions.

In early May 2023, the country’s Securities Exchange Commission said it is now considering applications for digital exchanges on a trial basis for a variety of token exchanges but not crypto.

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