As users voice concerns on social media, Nigerian crypto company initiates asset recovery and reinforces security measures after BTC and Naira compromise.
Nigerian platform Patricia, known for gift card and crypto trading, faces security breach. Steps taken to protect users, including temporary suspension of fund withdrawals.
The company reported a security breach that resulted in the loss of $26,778 worth of Bitcoin (BTC) and naira assets. In a message to users, they assured that other cryptocurrencies and customer funds remained secure. However, customers are currently unable to withdraw funds due to ongoing internal restructuring.
Patricia did not reveal the exact amount of assets compromised in the breach, but they did disclose that they identified one person involved in the group responsible for the breach with the assistance of law enforcement. The company stated its commitment to collaborating with law enforcement and partners to retrieve the assets.
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After the platform suspended withdrawals, users have expressed their opinions on Twitter, highlighting the inconveniences they face. However, the company emphasizes its continuous work to improve the platform’s security measures.
Reports suggest that the individual within the group was identified based on compromised naira assets, as a significant portion of the naira assets were traced back to that person.
To improve platform security, the company has hired a security firm to perform an audit. Once the affected section of the business, Patricia Personal, is deemed safe for operation, customers will be able to withdraw their funds again.
In February, a Nigerian fintech company called Flutter wave reportedly experienced a breach resulting in the loss of approximately 2.9 billion nairas ($6.3 million). In response to the hack and to catch the responsible individuals, the Central Bank of Nigeria (CBN) started marking bank accounts for investigation.
The Central Bank of Nigeria (CBN) does not consider cryptocurrencies as official money. In February 2021, the CBN prohibited commercial banks in Nigeria from participating in cryptocurrency transactions. The aim was to safeguard citizens from illegal activities and scams associated with cryptocurrencies. The CBN clarified that the financial system and banking sector would not be involved in cryptocurrency trading.
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Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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