Patricia Customers’ Assets Converted to Tokens, No Word on When They Can Be Retrieved

Nigeria’s crypto trading platform, Patricia, which unexpectedly transformed customers’ crypto and cash holdings into Patricia Tokens without obtaining their consent, has conveyed that it’s unable to provide a definite timeline for the resolution of fund retrieval.

In a recently issued White Paper, Patricia elucidated that it had fallen victim to a cyber intrusion, resulting in asset losses. The company emphasized its unwavering dedication to maintaining trust and upholding integrity, which prompted the creation of the Patricia Token. This internal token was introduced as a means for customers to secure their assets.

According to Patricia, the Token serves as a pledge to compensate holders with 1 USDT per Patricia Token in the future, effectively ensuring the restoration of assets and mitigating the aftermath of the security breach. It was clarified that the Patricia Token is not part of the blockchain but rather an in-house token designated to symbolize debt, and its administration remains under the purview of the company.

Retrieval time uncertain

While noting that it was working to ensure its customers can convert the token to cash soon, the company said:

• “We are diligently working to ensure a seamless retrieval process for Patricia tokens. While we cannot provide a definitive timeline currently, rest assured, our priority is to keep you informed and updated every step of the way. Your trust and patience are highly valued.”

Customers fear scam

The customers of the company are, however, not satisfied by its explanations even as they lamented the lack of access to their assets and cash. According to them, everything the company had done reeks of scam.

Reacting to the White Paper released on the company’s Twitter handle, some of the customers were inviting the Economic and Financial Crimes Commission (EFCC) to intervene in the matter. One of the customers, Uto Uwa (@akunnenonso) said:

• “@officialEFCC, look into this matter please @Fejizzy scammed us and turned our Bitcoin into nonsense Patricia coin that is worthless without our approval. The worst part is we can’t access our money again.”

Another customer, Sammy Taker (@stdksam) wrote:

• “Scammer alert! @officialEFCC, kindly make immediate action arrest on this @PatriciaSwitch CEO @Fejizzy so many people are in debt because of his fraudulent business Patricia company.

Highzy (@highzy) lamented that his over N2 million has been trapped in the Patricia app even as he also called for EFCC’s intervention.

• “This Patricia app has ruined me!!! Over two million naira! And this app is toying with my asset! @EFCC please look into this matter. Why will you convert my Naira to a coin after I sold BTC to your company? Who told you I need your coin? This is daylight robbery,” he said.