Compromised Nigerian Cryptocurrency Exchange Raise Funds for User Reimbursements

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Last Updated on October 1, 2023 by Bitfinsider

The Nigeria crypto exchange platform Patricia has reportedly raised an undisclosed quantity of capital to fund its reimbursement plan for users affected by the May hacking. The reported capital raise by the cryptocurrency exchange occurred just a few weeks after it unilaterally converted user funds to a stablecoin token known as patricia token.

As reported by News at the end of May, Patricia lost approximately $2 million worth of digital assets after hackers breached the cryptocurrency platform. The Patricia team stated at the time that only BTC and naira assets were compromised. The team also claimed that the subsequent withdrawal freeze was implemented to allow the cryptocurrency exchange time to improve its trading platform.

Despite Patricia’s most recent and previous statements reassuring affected customers, a Techcabal report indicates that users are becoming impatient. Hanu Fejiro, the company’s chief executive officer, reportedly informed dissatisfied customers that Patricia had secured funding to initiate the reimbursement process.

“We have raised money and we have been working very hard to get the money back to you. And when we launch the application, the first set of customers will be able to get their money back immediately and in full,” said Fejiro.

Users were reportedly angered by the CEO’s failure to provide an exact date when affected consumers will receive refunds. As a result, some users have proposed organising a protest against the exchange, while others are reportedly considering prosecuting Patricia.

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