Crypto Firm Based in Nigeria Suspends Withdrawals

• Popular crypto platform Patricia, operating in Nigeria, has paused withdrawals following a security breach on the platform.
• The security breach involved the firm’s Bitcoin (BTC) and naira holdings, but the actual amount was not revealed
• The firm is working to safeguard its users and will allow withdrawals once it receives the green signal from its team
• One individual involved in the security breach has been identified with the help of local law enforcement.

The rapid rise of crypto usage in Nigeria has attracted the attention of many countries around the globe and resulted in the emergence of many crypto payment service providers. One such company, Patricia, a gift card company and crypto trading company based in the West African country, has confirmed a security breach on its platform and is therefore disabling withdrawals for the users, who are now wondering if their money is safe on the crypto trading platform

According to an official statement from Patricia, the crypto trading platform based in Nigeria has faced a security breach that included its Bitcoin (BTC) and naira assets. In the message sent to its users, the company stated that it is taking immediate measures to make sure that the users are secure. Further, it was also confirmed that all the other cryptocurrencies, excluding BTC, were safe from the security breach.

“Our services are divided into three arms: Patricia Personal, Patricia OTC Desk, and Patricia Business. Not long ago, we were victims of a breach. Patricia Personal, the retail trading application, was solely affected by this breach; BTC and Naira assets were compromised,” said Patricia while adding:

“Every other crypto balance remains unaffected, and we assure the public that all our customers’ and merchants’ assets are secure.”

Patricia confirmed that it is suspending withdrawals temporarily for all its users while adding that it is “undergoing internal restructuring,” to deal with the security breach. While the crypto firm based in Nigeria did not reveal the amount of crypto assets that were exposed to the breach, it did confirm that one of the people responsible for the breach has been identified with the help of law enforcement

It is crucial to note here that most of the assets in naira were traced back to this individual. More importantly, the firm aims to do right by its customers in Nigeria and reclaim the assets that have been affected by the breach. The trading platform stated that it would improve its security measures. Once the firm receives the green light from its team, the withdrawals will go live.

“Our security team, with the help of law enforcement agencies, has been able to identify an individual among the syndicated group responsible for this breach. We will continue to pursue this lead and work with security agencies and other partners to ensure a thorough audit of the situation and recover the assets,” said the company.

As reported earlier by Bitnation, the government of Nigeria is planning to make Bitcoin (BTC) legal in the country. The plan is to introduce a bill to make the usage of Bitcoin and crypto legal in the region and amend the 2007 Investments and Securities Act. Babangida Ibrahim, chairman of the House of Representatives Committee on Capital Markets and Institutions of Nigeria, confirmed the same.