Fejiro Hanu, CEO of Patricia Exchange, has dismissed speculations regarding the exchange’s closure, attributing them to media sensationalism intended to drive online engagement. Notably, Patricia Exchange holds the distinction of being the pioneering platform to provide cryptocurrency exchange services in Nigeria. Hanu emphasized,
“I am done speaking to these fake outlets. I will speak directly to Patricia users, the very few decent reporters, and on my platforms.”
Following a hacking incident in May 2023 that prompted increased scrutiny, Hanu took to Twitter to reassure users that Patricia remains fully operational.
The CEO of Patricia has been vocal in criticizing media outlets for allegations of misinformation and spreading falsehoods.
A thread:
Something I want to point out is, most reporters, media houses, blogs, twitter influencers do not care about the truth.
Why? Your eyeballs, your clicks, your views — that’s the prize.
— Hanu (@Fejizzy) May 1, 2024
Patricia’s CEO condemned media outlets for distorting the narrative and underscored the exchange’s unwavering dedication to integrity and maintaining customer trust.
Time and time again, I have shared information, poured my heart out to these media houses. But guess what?
They turn it around to fit their own narrative, to farm your views.
Why do you think billionaires invest heavily in media companies?
— Hanu (@Fejizzy) May 1, 2024
Since April 2023, Patricia has been grappling with challenges related to accessing customer funds. In response, the company opted to convert the value of these assets into its native token, the Patricia Token (PTK), in October of the same year, as a proactive measure to ensure future repayment. Hanu clarified that PTK serves as a representation of debt rather than an on-chain token. Patricia further committed to reimbursing holders with 1 Tether (USDT) token for each Patricia token, demonstrating its steadfast dedication to asset recovery following the security breach.
Hanu provided users with an update on Patricia’s current status, highlighting ongoing efforts by Nigerian security services to address the situation. In November 2023, a significant development occurred with the arrest of an individual linked to the crypto wallet heist. Wilfred Bonse, a politician, was apprehended on suspicion of allegedly stealing over 200 million Nigerian Naira ($246,153) from Patricia Technologies’ wallet.
HERE IS ONE TRUTH!
Governorship candidate Wilfred Bonse and his cohorts were arrested in association to the hack, and we are currently awaiting prosecution.
Imagine if he had become governor — how easy would it have been to arrest him? who would have even believed my story?… pic.twitter.com/y7x3gbTbGA
— Hanu (@Fejizzy) May 1, 2024
The legal proceedings encompass charges of criminal conspiracy, unauthorized modification of computer systems, and the diversion of funds, highlighting Patricia’s unwavering commitment to seeking justice for impacted users.
It’s worth noting that in January, Patricia disclosed its intentions to reimburse customers within a timeframe of two to five years, citing the need for “expectation management purposes.” Despite claims of fulfilling reimbursements for 24% of customers, reports indicate that many individuals are yet to receive any payment, with some enduring an inability to access their funds for over a year prior to the hacking incident.
The unveiling of a repayment strategy further compounds the frustration of customers who have already endured prolonged delays in accessing their funds. For those affected prior to the breach, the cumulative waiting period could extend anywhere from three to six years, heightening apprehensions surrounding the uncertainty of when they will regain control of their assets.
Patricia’s initiatives aimed at compensating users.
Despite previous indications suggesting investor readiness to aid Patricia in meeting its repayment obligations, recent reports indicate that the company failed to secure investor support. Moreover, reports of layoffs in 2023 have cast doubt on the financial stability of the company. The conflicting explanations provided for these layoffs only serve to deepen the uncertainty surrounding Patricia’s operational viability.
However, recent developments, such as police investigations into the hacking incident and the scheduled trial of arrested suspects commencing in June 2024, offer a glimmer of hope for progress in addressing the situation.
It’s worth noting that Patricia announced last year its undertaking of a significant debt restructuring initiative. This initiative introduced Patricia Tokens (PTK), allowing customers to convert their owed funds into Patricia shares. CEO Fejiro Hanu has confirmed that this strategic move forms part of the company’s broader fundraising and debt reorganization strategy. Under this strategy, users have the option to convert their debt tokens into shares at a discounted rate. The management of this conversion process will be overseen by a third-party provider licensed by the Nigerian Securities and Exchange Commission (SEC).
However, despite these efforts, not all customers are satisfied with the proposed approach. Some have taken to social media platforms and even visited the company’s office to express their frustration, demanding the prompt release of their funds.
