Patricia Exchange’s CEO, Fejiro Hanu, has denied rumors of the exchange’s closure, stating that they are simply sensationalism created by the media to attract attention. Patricia Exchange, the first crypto exchange in Nigeria, has faced scrutiny since a hacking incident in May 2023. However, Hanu reassured users on Twitter that the exchange is still operational.
Hanu criticized media outlets for distorting the truth 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 token, Patricia Token (PTK), in October 2023. Hanu clarified that PTK represents debt and is not an on-chain token. Patricia has pledged to reimburse holders with 1 Tether (USDT) token for each Patricia token, demonstrating their dedication to recovering assets after the security breach.
Hanu provided an update on Patricia’s status, mentioning ongoing efforts by Nigerian security services to address the situation. In November 2023, a politician named Wilfred Bonse was arrested for allegedly stealing over 200 million Nigerian Naira ($246,153) from Patricia Technologies’ wallet. Patricia is determined to seek justice for affected users, with charges including criminal conspiracy, unauthorized alteration of computer systems, and illicit fund diversion.
Patricia announced in January their plans to reimburse customers within two to five years, citing “expectation management purposes.” However, reports suggest that many customers have yet to receive any payment, causing frustration and uncertainty about when they will regain access to their funds.
Despite previous indications of investor support, new sources suggest that Patricia never secured such support. Reports of layoffs in 2023 raise questions about the company’s financial health, and conflicting statements add to the uncertainty surrounding Patricia’s operations. However, recent police investigations and the upcoming trial of arrested suspects starting in June 2024 offer some hope for progress.
Patricia introduced Patricia Tokens (PTK) as part of their debt restructuring effort, allowing 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, with a licensed third-party provider managing the conversion process. However, not all customers are satisfied with this approach and have expressed their frustration through social media and visits to the company’s office, demanding the release of their funds.