Crypto marketplace Patricia announced that it is temporarily suspending withdrawals on its app (mobile and web) due to a recent security breach. It stated that Patricia Personal, the retail trading application, was solely affected by this breach and BTC and Naira assets were compromised.
It however reassured stakeholders that all other crypto balances were unaffected, and customers’ and merchants’ assets are secure.”
Though the company did not mention the amount lost due to the hack, Techcabal reports that it happened in January 2022 and that the company reportedly lost $2 million in the incident.
The company stated that a syndicated group was responsible for the breach and has been able to identify a member of the group. It added that it “will continue to pursue this lead and work with security agencies and other partners to ensure a thorough audit of the situation and recover the assets.”
Famously known in Nigeria for sponsoring the Big Brother House, Patricia is an Africa-centric integrated alternative payment and e-commerce company that facilitates the easy use of digital currencies like Bitcoin, Ethereum and other digital assets for everyday transactions.
It was founded in August 2017, as a Fintech Company focused on Blockchain technology by CEO & Founder, Hanu Fejiro Agbodjie. He said he wanted to create a safe & secure platform for users seeking to exchange their Gift cards for cash after he had a bad experience trading his. This dream to create a trusted ecosystem for users like him led to the birth of Patricia Technologies.
The company expects to ease off on the suspension after investigations and appropriate measures have been put in place to avert a re-occurrence
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