Nigerian Crypto Firm Patricia Pauses Withdrawals: Details

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A security issue has been discovered on Patricia, a Nigerian gift card and cryptocurrency trading platform, necessitating fast action to protect its consumers. 

Temporary Withdrawal Halt

The site has momentarily stopped allowing fund withdrawals as a precaution. The business disclosed that its Bitcoin and naira assets had been compromised as a result of the incident.

According to the notice issued to users, the compromise had no effect on other cryptocurrencies or client money. Customers, on the other hand, are unable to take out money from the site since it is “undergoing internal restructuring.”

Patricia Did Not Specify the Amount Exposed to Breach

Patricia did not specify how much assets were lost in the hack, but did say that law enforcement had been able to identify one member of the multinational gang that was responsible. In order to locate the assets, it promised to keep collaborating with law enforcement and other partners.

Patricia Hires Investigation Firm

The business has hired an investigation company to perform an audit in order to increase the platform’s security. The specific member of the gang was reportedly identified by hacked naira assets, with the majority of the naira assets being tied to that member. 

Customers will once again be able to withdraw their money once Patricia Personal, the organization’s impacted division, is given the go-ahead to resume operations. However, Users of the network have resorted to Twitter to voice their displeasure since the company’s withdrawals have been suspended, claiming issues that arise.

Nigeria is One of the Largest Crypto Markets

Amidst all these actions, Nigeria has been one of the biggest crypto markets in Africa, even after the central bank of the nation tightened its regulations. The present development may be advantageous for digitally savvy individuals in a nation with more than 200 million citizens, 43% of whom are under the age of 14, to local assets like stocks, which have been avoided for years after the prohibition on cryptocurrencies and its holders in 2021. 

As reported by TheCoinRise, Nigeria introduced its Central Bank Digital Currency (CBDC), known as the eNaira, in October 2021 during a ceremony when President Muhammadu Buhari unveiled the new coin.

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