Nigeria’s Patricia Exchange CEO debunks closure rumors

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Fejiro Hanu, CEO of Nigeria’s first local crypto exchange, Patricia, has denied rumors of its closure, calling them a media ploy for clicks. He affirmed that the exchange is still running.

In a post on X, Hanu expressed frustration, stating that despite granting interviews and sharing information with media houses, they distorted the narrative to attract views and fit their agenda. Hanu said:

“Good news doesn’t sell as fast as hate/bad news. So everyone is quick to jump on a narrative.”

Patricia Technologies came under intense scrutiny following a hacking incident in May 2023, which led to a significant loss of customer funds.

Despite claims that customer funds were secure, users have encountered persistent challenges accessing them since April 2023. This lack of access to users’ funds fueled speculation about concerns regarding a potential exit scam, raising fears for customers with funds stuck on the platform.

In a recent post on X, Hanu voiced frustration, lamenting that despite providing interviews and sharing information with media outlets, they twisted the narrative to garner more attention and align with their own agenda.

Source: Hanu Fejiro

In response to customer requests, Patricia converted the value of customer assets into its native Patricia Token (PTK), guaranteeing future repayment. Patricia emphasized its commitment to integrity and customer trust, introducing PTK as an internal customer asset.

Patricia stated it is committed to reimbursing holders with 1 USDT (USDT) token for each Patricia token, ensuring asset recovery after the security breach. Patricia clarified that PTK is not on-chain but serves as an internal token representing debt and is managed by the company.

Related: Losses from crypto hacks plunge 67% in April to $60 million

In the post on X, Hanu updated users on Patricia’s status and assured them that major security divisions in the country are actively addressing the situation.

Hanu mentioned that they are currently awaiting the prosecution and conviction of the other suspects involved. He emphasized that addressing such cases properly takes time and assured that efforts are underway to resolve the situation.

In November 2023, an arrest was made in connection with the Patricia crypto wallet heist. The Nigeria Police Force (NPF) apprehended politician Wilfred Bonse, who was accused of stealing over 200 million naira ($246,153) from Patricia Technologies’ crypto wallet.

The NPF said that the case includes criminal conspiracy, the unauthorized alteration of computer systems and network data, and the illicit diversion of funds, as outlined in a petition submitted to the inspector general of police.

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