Nigerian crypto company suspends withdrawals after BTC and Naira settlement

Patricia, a Nigerian platform for gift card and crypto trading, has suffered a security breach, prompting it to take immediate measures to protect its users. As a precautionary measure, the platform has temporarily suspended withdrawals.

company announced It was the victim of a security breach that compromised its bitcoin (BTC) and naira assets. In a message sent to users, it said that other cryptocurrencies and customer funds were unaffected by the breach. However, customers will be unable to withdraw funds from the platform as it is “undergoing internal restructuring.”

Although Patricia did not disclose the extent of the property deal in violation, it was learned that one individual from the infringing syndicated group has been identified with the help of law enforcement. It will continue to work with law enforcement and other partners to recover its assets.

Since the suspension of withdrawals on the platform, its users have taken to Twitter to express their opinion on the issue citing inconveniences. Nonetheless, the company stresses its ongoing efforts to enhance the platform’s security measures.

According to reportsThe specific individual within the group was identified through the compromised Naira assets, with the majority of the Naira assets linked to that individual.

To enhance the security of the platform, the company has enlisted the services of a security firm to conduct the audit. Once the affected branch of the business, Patricia Personal, is approved to operate, customers will regain the ability to withdraw their funds.

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In February, Flutterwave, a Nigerian fintech company, was reportedly hacked for around $6.3 million (2.9 billion naira). The Central Bank of Nigeria (CBN) began flagging bank accounts in response to the hack and to nab the culprits.

Cryptocurrencies are not recognized by the CBN as legal tender. In February 2021, the CBN prohibited commercial banks in Nigeria from engaging in any cryptocurrency transactions. CBN made it clear that Nigeria’s financial system and banking sector will not be associated with cryptocurrency trading, in order to protect citizens from black market criminal and fraudulent crypto activities.

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