Skip to content

Emerging Brand Africa

Home » Nigeria’s Crypto Patricia Hit by Security Breach, Suspends Withdrawals 

Nigeria’s Crypto Patricia Hit by Security Breach, Suspends Withdrawals 

Nigeria’s Patricia Suspends Withdrawals After Security Breach

Patricia, one of Nigeria’s leading cryptocurrency platforms suspended user withdrawals, citing a breach in an email sent to customers.

This was after the tech firm experienced a severe security breach that compromised its financial assets.

The firm suspended withdrawals as part of an ongoing internal restructuring to enhance the platform’s security.

The breach affected its retail application, Patricia and asserted intention to pursue legal action.

“Not long ago, we were victims of a breach. Patricia Personal, the retail trading application, was solely affected by this breach; BTC and Naira assets were compromised,” the company said .

Furthermore, the company added, “every other crypto balance remains unaffected, and we assure the public that all our customers’ and merchants’ assets are secure.”

Patricia’s business

Patricia has three arms of services: Patricia Personal, Patricia OTC Desk, and Patricia Business.

The company claimed that it has identified the source of the breach and is now taking legal action.

Also, reports indicated that the breach which occurred in January 2022, cost the company $2 million loss.

“We understand how this has affected our customers, and we are truly appreciative of your patience through this inconvenience,” read part of the statement. .

The firm assured its clients that it was doing everything possible to restore the services.

“Our users remain at the heart of what we do, and we all will continue to provide updates on this situation to all stakeholders.”

In addition, a syndicate allegedly orchestrated the breach, raising concerns about Patricia’s financial stability, particularly putting its Bitcoin and naira assets at risk.

The company claimed that it is now taking legal action against the “syndicated group.”

Nonetheless, African blockchain industry recorded a staggering 429 per cent growth in venture funding last year, according to the African Blockchain Report 2022 from Standard Bank and Crypto Valley Venture Capital (CV VC).