Physical Address
60 Ekwema Cres, Layout 460281, Imo
Patricia Resumes Trading Operations After 2022 Security Breach
Patricia Technologies, the Nigerian crypto exchange platform, has officially resumed trading operations after facing significant challenges following a major security breach in 2022. The company has taken a critical step in its recovery journey by relaunching its Over-The-Counter (OTC) Desk, marking a turning point for the platform and its customers.
The security breach, which occurred in 2022, resulted in the loss of over N600 million in customer funds. Following the incident, Patricia temporarily suspended withdrawals to safeguard users’ interests and reported the matter to the Inspector General of Police. This proactive approach led to a breakthrough in November 2023 when the National Cybercrime Center of the Nigeria Police arrested several suspects, including a prominent politician named Wilfred Bonse.
After the challenging period, Patricia resumes trading with improved security measures and a renewed focus on customer satisfaction. The company’s OTC desk offers personalized services for high-volume traders and institutions looking to make significant cryptocurrency transactions. This exclusive service operates outside the regular Patricia App, providing instant liquidity for bulk trades with competitive rates and enhanced privacy.
As Patricia’s trading operations restart, the company is offering several incentives to welcome back customers, including VIP rates, dedicated account managers, and special welcome-back bonuses for trades exceeding $500. These benefits aim to rebuild trust and encourage users to return to the platform.
Hanu Fejiro, CEO of Patricia Technologies, expressed optimism about the resumption, stating, “We understand the impact this incident has had on our customers, and we are delighted that the journey to restoration has finally started”. This statement reflects the company’s commitment to making things right for affected users.
Patricia resumes trading while simultaneously honoring its promise to reimburse customers affected by the security breach. The company began phased repayments to affected users on December 10, 2024, as part of a structured reimbursement plan that will continue over the coming months. Earlier this year, Patricia Technologies had requested a two to five-year repayment window to generate income from business operations and recovery efforts to repay customers fully.
The revitalized OTC desk continues to offer its signature benefits, including 24/7 operation, support for bulk transactions, and a wide range of cryptocurrency options[6]. Customers using Patricia’s trading operations can exchange fiat currencies (Naira, Pounds, USD, etc.) for cryptocurrencies and vice versa, with settlement timelines communicated clearly before each trade.
For traders interested in Patricia’s OTC services, the onboarding process involves receiving a secure link to submit required details and documents, after which approved customers can begin trading with guidance from dedicated trade agents.
Read Next: Starlink Set to launch in Uganda Amid Strategic Talks
As Patricia Technologies works to rebuild trust within the cryptocurrency community, this resumption of trading operations represents a significant milestone in the company’s recovery efforts and demonstrates its resilience in overcoming substantial challenges in the crypto space.
Was this information useful? Drop a nice comment below. You can also check out other useful contents by following us on X/Twitter @siliconafritech, Instagram @Siliconafricatech, or Facebook @SiliconAfrica.
