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.