Patricia, a Nigerian cryptocurrency exchange, has come under scrutiny as it reportedly converts customers’ owed funds into shares, leaving users frustrated and baffled.
Abraham Nelson, a customer with approximately ₦4 million ($5,224) trapped in the exchange, expressed his dismay stating, “They said they are turning my money into shares and I have no choice right now.”
The company’s questionable move came to light when a recorded conversation between Nelson and a Patricia representative surfaced.
The representative informed Nelson that they had found investors and converting funds into shares was their last resort, promising customers access to their money even after the conversion.
Patricia customers have been grappling with withdrawal issues for over six months. The exchange has continuously updated customers without providing a clear timeline for when they can access their funds.
Some users have reported that their funds have been trapped for as long as eight months.
Ifeanyi Lawrence, another customer, experienced delayed transactions on the platform and was told it was due to a bank withdrawal downtime.
However, subsequent transactions remained unresolved, with Patricia citing reasons such as unscheduled app maintenance and blockchain congestion.
Adding to the controversy, Patricia introduced a native token called Patricia Token (PTK) in August, claiming it would be used to repay customer funds. Many customers raised concerns, suspecting it could be part of an exit scam.
Patricia defended PTK as debt tokens, essentially IOUs meant to acknowledge their debts to customers. However, numerous customers reported that their PTK balances remained at zero.
With Patricia’s decision to convert owed funds to shares and a lack of clarity regarding when customers can access their money, the situation has raised questions about the exchange’s integrity and left customers demanding answers and their hard-earned funds.
