Nigeria’s crypto trading app, Patricia, which recently converted its customers’ crypto and cash assets to Patricia Token without their consent, has said that it could not give a timeline as to when the customers can recover their money.
Patricia in a White Paper released to explain its actions said it recently experienced a cyberattack, which led to the loss of assets. It added that its commitment to integrity and customer trust spurred the creation of the Patricia Token as an internal token for the customers to hold on to.
According to the company, the Token symbolizes a promise to pay holders 1 USDT for each Patricia Token in the future, thereby ensuring asset recovery and addressing the impact of the security breach. It said the Patricia Token is not on-chain, but an internal token used to represent debt and it would be managed by the company.
Retrieval time uncertain
While noting that it was working to ensure its customers can convert the token to cash soon, the company said:
- “We are diligently working to ensure a seamless retrieval process for Patricia tokens. While we cannot provide a definitive timeline currently, rest assured, our priority is to keep you informed and updated every step of the way. Your trust and patience are highly valued.”
Customers fear scam
The customers of the company are, however, not satisfied by its explanations even as they lamented the lack of access to their assets and cash. According to them, everything the company had done reeks of scam.
Reacting to the White Paper released on the company’s Twitter handle, some of the customers were inviting the Economic and Financial Crimes Commission (EFCC) to intervene in the matter. One of the customers, Uto Uwa (@akunnenonso) said:
- “@officialEFCC, look into this matter please @Fejizzy scammed us and turned our Bitcoin into nonsense Patricia coin that is worthless without our approval. The worst part is we can’t access our money again.”
@officialEFCC @officialEFCC
Look into this matter please @Fejizzy scammed us and turn our bitcoin to nonsense Patricia coins that is worthless without our approval. Worst part is we can't access our money again 😭😭😭😭— Uto Uwa Bu Ego (@akunnenonso) August 24, 2023
Another customer, Sammy Taker (@stdksam) wrote:
- “Scammer alert! @officialEFCC, kindly make immediate action arrest on this @PatriciaSwitch CEO @Fejizzy so many people are in debt because of his fraudulent business Patricia company.
Scammer alert 🚨 @officialEFCC kindly make immediate action arrest on this @PatriciaSwitch CEO @Fejizzy so many people are in debt because of his fraudulent business Patricia company
— Sammy Taker$ (@stdksam) August 24, 2023
Highzy (@highzy) lamented that his over N2 million has been trapped in the Patricia app even as he also called for EFCC’s intervention.
- “This Patricia app has ruined me!!! Over two million naira! And this app is toying with my asset! @EFCC please look into this matter. Why will you convert my Naira to a coin after I sold BTC to your company? Who told you I need your coin? This is daylight robbery,” he said.
This Patricia app has ruined me!!! Over two million naira! And this app is toying with my asset! @EFCC please look into this matter, Why will you convert my Naira to a coin after I sold BTC to your company? Who told you I need your coin? This is daylight robbery!!!
— Highzy (@highzy) August 24, 2023
My guess is that a good amount of customers’ assets have been irretrievably lost in the hack or whatever that occurred. And the firm probably harvested the remaining assets to try and trade itself out of the mess, which if true, may have a chance of success, but wrong bets can easily plunge the crypto firm under for good, along with affected customers.