Nigerian Cryptocurrency Company Patricia Suspends Withdrawals Following Security Breach

• The platform has temporarily suspended withdrawals as a precautionary measure.
• A member of the criminal group responsible for the incident has been identified.

Patricia, a Nigerian platform for trading cryptocurrencies and gift cards, has experienced a security breach, necessitating prompt action to safeguard its users. The platform has temporarily suspended withdrawals as a precautionary measure.

The organization revealed a security flaw that led to the loss of Bitcoin and Nigerian naira. It assured users in an email that other cryptocurrencies and client assets remain secure. However, customers are currently unable to withdraw their funds from the system as it is “undergoing internal restructuring.”

Investigation Underway

Patricia did not disclose the amount that was stolen. However, it mentioned that a member of the criminal group responsible for the breach had been identified with the assistance of law enforcement. The company committed to continuing its collaboration with authorities and other entities to recover the missing funds.

Additionally, users have taken to Twitter to express their dissatisfaction with the platform following the temporary suspension of withdrawals. Nevertheless, they emphasize that efforts are ongoing to enhance the platform’s security.

Furthermore, a significant portion of the stolen Naira was traced back to a single individual, who was reportedly identified through the group’s compromised Naira assets. The company has engaged a security firm to conduct an evaluation of the platform in an effort to bolster its security.

Customers will be able to resume withdrawals once Patricia Personal, the affected division, receives approval to restart operations. The Central Bank of Nigeria (CBN) has made it clear that the banking system and cryptocurrency trading will remain separate to protect individuals from illicit and fraudulent crypto activities in the black market.