📰 Table Of Contents
Patricia Exchange CEO Denies Closure Rumors
Fejiro Hanu, the CEO of Patricia Exchange, has dismissed rumors of the exchange’s closure as media sensationalism aimed at generating clicks. Patricia Exchange, the first platform offering crypto exchange services in Nigeria, remains operational despite facing scrutiny after a hacking incident in May 2023.
Criticizing Media Outlets
In a series of tweets, Hanu criticized media outlets for distorting the narrative and emphasized Patricia’s commitment to integrity and customer trust. He highlighted the challenges faced in accessing customer funds and the steps taken to ensure future repayment.
Arrest Made in Connection with Crypto Wallet Heist
In November 2023, a significant development occurred as a suspect, politician Wilfred Bonse, was arrested for allegedly stealing funds from Patricia Technologies’ wallet. Hanu expressed relief at the arrest and reiterated the company’s determination to pursue justice for affected users.
Reimbursement Plans and Challenges
Despite announcing plans to reimburse customers within two to five years, reports indicate delays and frustrations among customers who have yet to receive any payments. The company’s financial health has come under scrutiny, with conflicting statements adding to the uncertainty surrounding its operations.
Debt Restructuring and Fund Recovery Efforts
Patricia introduced Patricia Tokens (PTK) to allow customers to convert owed funds into shares as part of a debt restructuring strategy. Hanu confirmed that this move aims to raise funds and reorganize debt, offering users the option to convert debt tokens to shares at a discount managed by a third-party provider licensed by the Nigerian Securities and Exchange Commission (SEC).
Customer Dissatisfaction and Hope for Progress
Despite ongoing challenges and frustrations expressed by some customers, recent police investigations and the upcoming trial of arrested suspects starting in June 2024 offer hope for progress in resolving the situation and providing relief to affected users.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
