Patricia, a Nigerian cryptocurrency trading and gift card platform, has suffered a security breach, prompting immediate measures to be implemented to protect its users. As a precautionary measure, the platform has temporarily suspended withdrawals.
The company advertisement who was the victim of a security breach that compromised his Bitcoin (BTC) assets and local currency fund, the naira. In the message he sent to users, he stated that other cryptocurrencies and client funds were not affected by the incident. However, clients cannot withdraw funds from the platform, as it is “under internal restructuring.”
Although the platform did not disclose the extent of the assets compromised in the incident, it revealed that an individual from the syndicated group that carried out the attack with the help of security forces had been identified. He stated that he would continue to work with law enforcement and other partners to recover the assets.
Since the suspension of withdrawals on the platform, its users have taken to Twitter to express their opinions, citing inconvenience. However, the company underlines its continuous efforts to improve the security measures of the platform.
According to reports, the specific individual within the group was identified through the naira assets compromised, and most of the naira assets are tied to that individual.
To improve the security of the platform, the company has contracted the services of a security company to perform an audit. Once the affected arm of the company, Patricia Personal, is authorized to operate, clients will once again be able to withdraw their funds.
In February, a Nigerian fintech company, Flutterwave, suffered an alleged theft of nearly 2.9 billion naira ($6.3 million). The Central Bank of Nigeria (CBN) began flagging bank accounts in response to the attack and in an attempt to apprehend the culprits.
The Central Bank of Nigeria does not recognize cryptocurrencies as legal tender. In February 2021, the CBN banned commercial banks in Nigeria from transacting with cryptocurrencies. In an attempt to protect citizens from criminal and fraudulent activities on the cryptocurrency black market, the Central Bank of Nigeria made it clear that the financial system and banking sector would not be linked to cryptocurrency trading.
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