Nigerian crypto company suspends withdrawals after BTC and naira compromise
Patricia, a Nigerian platform for gift card and crypto trading, has encountered a security breach, prompting immediate measures to safeguard its users. As a precautionary step, the platform has temporarily suspended fund withdrawals.
The company announced that it was a victim of a security breach that compromised its Bitcoin (BTC) and naira assets. In the message it sent to users, it said 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 asset compromise in the breach, it revealed that an individual among the syndicated group that perpetrated the breach 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 opinions on the issue, citing inconveniences. Nonetheless, the company emphasizes its ongoing efforts to enhance the platform's security measures.
According to reports, the specific person within the group was identified through compromised naira assets, with most of the naira assets being linked back to that individual.
In order to enhance the security of the platform, the company has enlisted the services of a security firm to conduct an audit. Once the affected arm of the business, Patricia Personal, receives clearance for operations, customers will regain the ability to withdraw their funds.
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