The leading crypto trading company in Nigeria, Patricia, has paused withdrawals on its platform, following a security breach that saw it lose millions in crypto assets.

The company reportedly lost a whopping sum of $2 million in cryptocurrency and Naira as hackers successfully breached its security in January 2022, the company disclosed in a statement released over the weekend.

Announcing the breach, the company said, “Our services are divided into three arms: Patricia Personal, Patricia OTC Desk, and Patricia Business. Not long ago, we were victims of a breach. Patricia Personal, the retail trading application, was solely affected by this breach; BTC and Naira assets were compromised. Every other crypto balance remains unaffected, and we assure the public that all our customers and merchants’ assets are secure”.

Patricia however did not disclose the magnitude at which the assets were affected. It hinted that it may have become a target for hackers due to its increased popularity as a Bitcoin exchange platform.

Acknowledging the risks associated with public recognition, the company assured its customers of its commitment to pursuing and collaborating with security agencies to protect their assets. The company reportedly partnered with a security firm to conduct a comprehensive audit of its operations.

Findings by Investors King reveal that while Patricia has assured customers that their funds are safe following the pause of withdrawals, while very few are not worried, several others are not taking it likely as they have gone to the company’s post to express their concerns and grievances.

Founded in 2017, Patricia has become well-known for crypto and gift card trading, a feat it says has made it become a target for bad actors. With over 6 years of experience across the board, the company is led by a team that challenges the status quo.

Patricia, Nigeria’s leading cryptocurrency exchange platform, has lost $2 million in cryptocurrency assets to hackers, the company disclosed in a recent announcement.

According to the details of the now-public hack, Patricia lost a total sum of $2 million in customers’ money to a breach that occurred in January 2022.

On 26th May, Patricia via an email to customers announced it has commenced investigations into the activity of the hackers that compromised its Bitcoin and Naira assets in 2022.

Explain the unit of the company affected, the company said out of its three operating units, Patricia Personal, Patricia OTC Desk, and Patricia Business, only Patricia Personal, the retail trading arm of the company was the only unit affected by the security breach.

Therefore, the company announced a temporary suspension of withdrawals on its platform due to what it called “internal restructuring”.

However, customers have said before the company’s official announcement it had partially suspended withdrawals since January 2022 when the hack was suspected to have occurred. The customers said while they could deposit into their wallets they can’t transfer their coins to other platforms but can only withdraw the equivalent in Naira.

While Patricia did not disclose specifics of the breach, it said it has identified an individual within the syndicated group that breached its organisation. The company has expressed its determination and readiness to pursue the lead by collaborating with security agencies to recover the stolen assets.

Meanwhile, a Twitter user @dondekojo faulted the company’s action for the late report of the security breach it encountered last year.

He wrote, “So let me get this straight, Patricia allegedly got hacked in 2022 and lost ~$2m they didn’t say anything, continued to promote their retail trading app on BBN despite the deficit, they then created a new app in April that led to a self-inflicted bank run as people moved to other apps instead, and now they are freezing withdrawals.

Some users are skeptical that all might not be well with the platform despite its assurances, Investors King reports.

In a decisive move towards embracing the digital era, Nigeria has embarked on a groundbreaking journey of transformation with the introduction of its National Blockchain Policy.

According to the Minister of Communications and Digital Economy, Prof Isa Pantami, the policy sets the stage for a technology-driven future in the country.

Underlining the government’s commitment to this digital revolution, Prof Isa Pantami recently inaugurated the National Committee responsible for implementing the National Blockchain Policy. The committee comprises representatives from 29 institutions across both the public and private sectors, including academia. This diverse membership ensures a comprehensive approach to driving the adoption of blockchain technology across Nigeria.

The significance of this development was highlighted during a ceremony held in Abuja, where an impressive 32,022 Nigerians were honored for their successful completion of the Federal Government’s Blockchain Technology training program. This training initiative, organized to equip individuals with the necessary skills to support the policy’s implementation, marks a crucial step in building a workforce ready to harness the potential of blockchain technology.

The endorsement and support for the National Blockchain Policy came from none other than President Muhammadu Buhari himself, who, on May 3, approved the policy and issued directives to key regulatory bodies. The National Information Technology Development Agency, the Central Bank of Nigeria, the National Universities Commission, the Securities and Exchange Commission, and the Nigerian Communications Commission were tasked with developing regulatory instruments to facilitate the seamless integration of blockchain technology into various sectors of the economy.

The National Blockchain Policy serves as a roadmap for Nigeria’s adoption and utilization of emerging technologies. It aligns with the seventh pillar of the National Digital Economy Policy and Strategy, which focuses on creating a “Digital Society & Emerging Technologies.” Prof Isa Pantami explained that the policy forms an integral part of Nigeria’s broader digital transformation efforts, alongside policies on Artificial Intelligence and Robotics. These initiatives have already led to the establishment of the continent’s first-ever National Centre for Artificial Intelligence and Robotics (NCAIR), located in Abuja.

Emphasizing the pivotal role of technology in driving Nigeria’s digital economy, Prof Isa Pantami highlighted the significance of the fourth industrial revolution. This revolution has ushered in disruptive technologies such as Blockchain, Artificial Intelligence, Robotics, Cloud & Quantum Computing, Virtual & Augmented Reality, Autonomous Vehicles, Biotechnology, 5G, and Cybersecurity. Nigeria, proudly standing among at least three African nations actively involved in the fourth industrial revolution, is poised to leverage these advancements to bolster its economic growth and development.

The successful implementation of the National Blockchain Policy will have far-reaching benefits for Nigeria. It will provide a comprehensive framework for integrating blockchain technology into various sectors, nurturing indigenous talent, and creating a globally competitive ecosystem.

Furthermore, it will address critical issues of governance, security, interoperability, regulatory compliance, accountability, and transparency.

The policy’s effective execution is expected to foster innovation, improve government services, generate job opportunities, stimulate economic growth, instill public trust in governance, and promote citizen engagement.