Patricia Exchange’s CEO, Fejiro Hanu, has denied rumors of the exchange’s closure, dismissing them as sensationalism by the media to generate clicks. Hanu reassured users in a tweet that Patricia is still operational despite facing scrutiny after a hacking incident in May 2023.
Hanu criticized media outlets for distorting the narrative and emphasized Patricia’s commitment to integrity and customer trust. In response to challenges accessing customer funds since April 2023, Patricia converted the value of assets into its native Patricia Token (PTK) in October 2023, ensuring future repayment. Hanu clarified that PTK represents debt and is not an on-chain token.
Patricia pledged to reimburse holders with 1 Tether (USDT) token for each Patricia token and demonstrated its commitment to asset recovery after the security breach. Hanu updated users on Patricia’s status, mentioning ongoing efforts by Nigerian security services to address the situation. In November 2023, an arrest was made in connection with the crypto wallet heist, with politician Wilfred Bonse apprehended for allegedly stealing over 200 million Nigerian Naira ($246,153) from Patricia Technologies’ wallet.
The case includes charges of criminal conspiracy, unauthorized alteration of computer systems, and illicit fund diversion, highlighting Patricia’s determination to seek justice for affected users. However, despite announcing plans to reimburse customers within two to five years, reports suggest that many have yet to receive any payment, adding to the frustration of customers who have already endured lengthy delays in accessing their funds.
Patricia’s efforts to reimburse users have been met with skepticism, as reports indicate that the company never secured investor support and layoffs in 2023 raise questions about its financial health. Conflicting statements about the reasons behind the layoffs further contribute to the uncertainty surrounding Patricia’s operations.
Nevertheless, recent police investigations into the hacking incident and the upcoming trial of arrested suspects starting in June 2024 provide some hope for progress. Patricia announced a significant debt restructuring effort last year, introducing Patricia Tokens (PTK) that allow customers to convert owed funds into Patricia shares. CEO Fejiro Hanu confirmed that this move is part of the company’s fundraising and debt reorganization strategy, managed by a third-party provider licensed by the Nigerian Securities and Exchange Commission (SEC).
However, some customers are dissatisfied with this approach and have expressed their frustration through social media posts and visits to the company’s office, demanding the release of their funds.
