Topic: Patricia breached, bitcoin and naira stolen. (Read 687 times)

If you're a user of Patricia, I have an advise for you, try as much as possible to complyabd stay tuned to their repayment procedures to your funds but don't go for the other aspects which talks about it's relaunch because they will definitely use part of the new customers funds to clear all their outstandings from existing customers and you will also stay on the queue at the long run among those that will be later affected by either their policy or security challenge, take your money off centralized exchanges and be in custody of your financial assets, there's no assurance that this will not repeat itself and they won't had the highest blast next time.

if we should be sincere, they worked towards making sure their customers all get back their money. I wish we know any Patricia customers that can let us know more about this refunding. If done appropriately, I do not think the man deserves arrest, but there is nothing bad for the appropriate government organization to do investigation about it.

If this was to be in a sane country, Patricia and Bbnaija sponsors will be apprehended by now, but Patricia the CEO is working around without been arrested or prosecuted for the loss of investors money. I have a bad feeling that Patricia was not hack but scam people's money and claim that the exchange was hack, just like FTX thing that happened in the same year, they think people are that gullible to lose their things to them.

If they don't get to the root of this matter, another scam is going to happen and guess what they will say? They will say nothing is going to happen and they will walk home free because they know that EFCC or SEC will not come after them and to think that the company is a registered entity in Nigeria, such a shame.

I got to know about this Patricia during the BigBrother 9ja 2020 and 2021 seasons which they sponsored. They recorded over 13,000 signups within 12 hour when their first ads dropped in the BBNaija session. It is such a shame that such a promising company will end up this way. This is a very big blow to Nigerian startups.

If you're a user of Patricia, I have an advise for you, try as much as possible to complyabd stay tuned to their repayment procedures to your funds but don't go for the other aspects which talks about it's relaunch because they will definitely use part of the new customers funds to clear all their outstandings from existing customers and you will also stay on the queue at the long run among those that will be later affected by either their policy or security challenge, take your money off centralized exchanges and be in custody of your financial assets, there's no assurance that this will not repeat itself and they won't had the highest blast next time.

This was three days ago, sorry that I am lazy to update this in time. It was about important updates on reopening and payment procedures for Patricia customers.

Hello Patricians,

Relaunch and repayment begins today!

We are glad to announce that we are reopening the Patricia App today. We cannot but say a big thank you for holding on, for supporting us;  your patience, your  trust and collaboration have fueled our journey, and has made our commitment to you stronger than ever.

As we reopen our app, many questions may arise. I appreciate those who participated in our recent town hall meeting, sharing valuable questions and feedback.

Today, we aim to provide essential information regarding the reopening, payment process, and all the details you need to know.
Payment Process Overview
1. Conversion of Assets:

Affected assets, as previously announced, will be converted to PUTX.
The Debt token pegged at 1$ to 1 PUTX, will be converted based on the operations' pause rate on April 29th, 2023.
Converted assets will be deposited in Naira to customers' primary bank accounts for transparency and collaboration with audit and financial partners.
2. Consent:

Upon logging in, you will be prompted to consent to converting your assets, facilitating a seamless withdrawal process.
3. Selection Process:

Users will be paid in batches, with the first batch selected using a 'first in, first served' method for users who filled the asset forms.
Priority will be given to vulnerable users with the lowest balances, recognizing their increased vulnerability during this period.
4. Existing Assets:

Users with BTC, USD, and Naira are affected. Other assets like ETH, Doge, XRP, USDT will be fully accessible on November 20, 2023, with initial withdrawal limits for security reasons.
5. Next Payment Batch:

Details about the next payment date will be communicated soon, emphasizing that this is an ongoing process and only the first batch.
6. Post-announcement Date Payment:

If you received funds after the announcement date (April 29, 2023), click this link to file a claim, and we will guide you through the next steps.
Additional Information

Payment Source:
Payments are sourced from fundraising efforts. The next payment batch depends on fundraising, recoveries, and post-launch profitability.
Commitment:
Our commitment remains steadfast: no customer will go unpaid. While the process may take time, we are dedicated to fulfilling our promises and maintaining transparency.
Action Required
If you haven't filled out the asset form, kindly do so here.

For further inquiries, feel free to send an email to [email protected].
Thank you for your understanding and continued support.

~Snipped

I do not know what they are trying to do, but he said Patricia token is not a stable coin but pegged 1:1 to a dollar. I do not know about how Bitfinix was able to compensate their customers, so I do not know where Patricia is driving to.

This email is not from Patricia directly, but from another source, likely the CEO who is also the founder, Fejiro Hanu Agbodje.

I do not know what they are trying to do, but he said Patricia token is not a stable coin but pegged 1:1 to a dollar. I do not know about how Bitfinix was able to compensate their customers, so I do not know where Patricia is driving to.

A Message from Hanu, CEO/Founder of Patricia.

Hello Chief,

I hope this email finds you well.

I understand that there has been some confusion and concerns regarding the recent announcement of Patricia Token. I am here to address those concerns and provide you with a clear understanding of our commitment to you.

Firstly, let me assure you that Patricia Token is not a stable coin; it is a debt token designed to assist our valued customers in managing their debts effectively. I am fully dedicated to ensuring transparency and security in every step of this process.

Your assets are of utmost importance to us. Rest assured that every customer's funds will be accounted for on a 1:1 basis, pegged to the stable coin USDT.

The concept of debt tokens is not new. As a matter of fact, Bitfinex first introduced this approach when it faced a similar challenge. Over an 11-month period, they successfully repaid all debt tokens to their users. We will overcome it too.

Below are a few important reads for your convenience:

Patricia Token White Paper
FAQ Video and Document on Patricia Token
Bitfinex's Example in Action

I value your trust and support on this journey and sincerely apologize for any inconvenience caused. My commitment to transparency, security, and your best interests remains unwavering. If you have any questions or concerns, please don't hesitate to reach out to us.

Thank you for being a part of the Patricia community

From suspension of withdrawals to we are sorry our exchange has been hacked  .

No be small my broda this Patricia exchange needs to be held accountable for their wrong doings in inconveniencing all their customers because na very big fraud wey dem do just imagine the massive amount of crypto wey people go don lose for the ignorant people wey dey even dey use CEX as a storage wallet for their coins as for me I only dey use exchanges for the only purpose which it's meant for which is to sell and buy and then move my coins out because since it's control by someone, there is highly every possiblity that something will definitely occur to your coins.

I believe say di one na lesson to people wey dey new to di crypto space and also people wey dey keep their asset for CEX. For dem to look for a way to repay di affected customers and see if dem fit redeem their reputation small, di best thoughts wey dem fit think of na to covert all customers assets to Patricia token without their consent. I kno no di terms of agreement wey di users bin accept wen signing up on Patricia but dis new development na something wey bi say dem fit file a lawsuit against Patricia. Nigerian SEC too just dey fold their arms dey watch, make dem hold dis people accountable for their actions like their counterparts dey do for oda nations.

I have come back to these post because when i mentioned; alot of people do not believe that Patricia could scam.
Patricia has announced a compensation plan for its victim (individuals who kept btc or funds in their platform); they will not be compensated in their assets; but they will be compensated with an imaginary token; with a patricia token pegged to an imaginary 1$ price.

Once again, i wonder what the job of the Nigeria sec guys is; if they let patricia escape with their scamming tactics.
What do you say ? Believe the patricia imaginary token ?

I have come back to these post because when i mentioned; alot of people do not believe that Patricia could scam.
Patricia has announced a compensation plan for its victim (individuals who kept btc or funds in their platform); they will not be compensated in their assets; but they will be compensated with an imaginary token; with a patricia token pegged to an imaginary 1$ price.

Once again, i wonder what the job of the Nigeria sec guys is; if they let patricia escape with their scamming tactics.
What do you say ? Believe the patricia imaginary token ?

What is the Nigerian SEC going to do about this? Has anyone made it necessary to report this case over to them first?
And with the hack that happened on Patricia, was there any further investigation to confirm if it was just an inside job or if the exchange was truly hacked? Because if the exchange was truly hacked, one will have to go back to their TOS and confirm if there was anything mentioned there in regards to a refund if something of that nature happens.

an you drop any source link in regards to said Patricia token, as a lot of people might want to get the whole gist, including me..

In its announcement on X, Patricia said outstanding balances will be converted to PTK. This was done without customer consent and many fear that they might not be able to exchange the token for fiat currency or other cryptocurrencies like bitcoin.

If customers can withdraw funds, a withdrawal surge will cause PTK to de-peg leaving customers who were unable to make withdrawals stranded.

I have come back to these post because when i mentioned; alot of people do not believe that Patricia could scam.
Patricia has announced a compensation plan for its victim (individuals who kept btc or funds in their platform); they will not be compensated in their assets; but they will be compensated with an imaginary token; with a patricia token pegged to an imaginary 1$ price.

Once again, i wonder what the job of the Nigeria sec guys is; if they let patricia escape with their scamming tactics.
What do you say ? Believe the patricia imaginary token ?

Till today, i remain perplexed and surprised at what happened with Patricia and the silence from nigeria sec and efcc offices. Patricia has been in financial troubles since year 2021; yet they been de fund BBN and offer juicy offers consolidating the loss; while their ceo invested in tesla ride. It is true that Not your keys, not your funds, it is also true that Patricia is registered in Nigeria SEC and should be brought to book.

In addition, Eyowo Microfinance Bank and Patricia Switch (same affiliations) both defrauded Nigeria and further raised concerns about bitcoin operations in the country to the already negative SEC guys

I got to know about this Patricia during the BigBrother 9ja 2020 and 2021 seasons which they sponsored. They recorded over 13,000 signups within 12 hour when their first ads dropped in the BBNaija session. It is such a shame that such a promising company will end up this way. This is a very big blow to Nigerian startups.

I hope you know what Patricia is? A platform located in Nigeria that you can trade bitcoin, few other cryptocurrencies and gift cards. But I think it offers more, which you can see in the image below:

This is another example of not your key not your coin. Withdrawal as been suspended on Patricia indefinitely.

https://twitter.com/PatriciaSwitch/status/1662049215772516352?t=BTNf10Oo158vorot9LlNsw&s=19



If you do not trade, move your coins out of any exchange to a reputed noncustodial wallet. Cold wallets which are safer are recommended. I have opened account on Patricia before, not that good for trading as only few coins are listed and not supporting derivatives market. I am surprised that some people still trade and leave their coins and naira on Patricia.

Charles the thing is that if government support a cryptocurrency exchange that means that the exchange will have a license from the Nigeria sec to operate the crypto exchange as a subsidiary within Nigeria and be fully taxed just with some form of insurance covers for those coins and assets that are traded on the exchange and if anything happens with the exchange, the insurance should be able to cover for loses of customers assets.

But at the moment no cryptocurrency exchange within Nigeria have such status and at that whatever happens to customers' coins on those exchange is none of the government's business, unless the coin owners pick up a personal case against the exchange and the possibility of getting justice for such case is still minimal since the government through the central bank already warn citizens against cryptocurrency trading and it risk associated with dealing with unknown cryptocurrency exchange or other crypto investments.

Agbodje sits atop a multi-billion naira company known as Patricia but registered with Corporate Affairs Commission (C.A.C) as Patricia Technologies Limited, an e-Commerce company that processed over N10 billion in transaction volume in 2019 alone after having been in the business in just two years.

Because the government is supporting something does not mean customers assets are safe on a platform, we should always be careful not to lose our money even if government are in favour of crypto. Second, Nigeria government did not ban crypto trading activities. Nigeria's government are still mute to anything related to crypto.

Hello Chief,

Over the past couple of weeks, we’ve witnessed the most immense support, trust, and cheer a business can ever receive, from you, our dear customers.

We appreciate your patience and willingness to continue to do business with us, but even as we work towards restoring our Patricia Personal services and re-opening withdrawals, we'd like for you to temporarily stop sending crypto into your wallets.

Although we understand that this may be of concern to you, we want to assure you that it will help us focus our efforts on resolving all pending transactions, faster than we have estimated.

To speed up access to your assets, we are conducting an asset confirmation exercise to ensure we have complete information on your assets. If you are yet to fill the form get  started here.


Our customer support team is on standby to answer your questions or concerns and provide assistance where needed.

Thank you for your understanding.

The Nigerian government or bank will not intervene, and no one will be arrested over crypto hack or not as far as Nigeria is concerned. I can't tell if Patricia rugpull like most of the trading platforms out there, but what I can tell you is that whoever gets into a crypto scam, lost valuable crypto assets does so at his own risk, the Nigerian government has banned crypto trading activities and is not going to engage in it, so everyone who is into crypto in Nigeria does so at their own risk.

I never use Patricia before and i no really know much about them, apart from this hack wey OP post, e get any other issue wey Patricia get?

The last message from Patricia wey OP post for this thread also talk say dem go resume withdrawal, e get anybody wey dey use Patricia here wey go fit confirm if withdrawal don resume.

Wetin you mean by dem defraud Nigeria? E get any fraud or scam case wey Patricia dey face.

It is true that Not your keys, not your funds, it is also true that Patricia is registered in Nigeria SEC and should be brought to book.

In addition, Eyowo Microfinance Bank and Patricia Switch (same affiliations) both defrauded Nigeria and further raised concerns about bitcoin operations in the country to the already negative SEC guys

I got scammed $200 steam card last year on their shitty gift cards exchange service, after uploading the back of my steam card and receipts, they used my card and told me it was invalid, i got back to steam card customer care and was told that my card was redeem by a third party site, that was my final relationship with Patricia. Nigerians, on the other hand, are stupid because I don't see why anyone would leave their valuables on such low-budget sites. I feel bad for the victims but Patricia needed to be stopped

I hope you know what Patricia is? A platform located in Nigeria that you can trade bitcoin, few other cryptocurrencies and gift cards. But I think it offers more, which you can see in the image below:

This is another example of not your key not your coin. Withdrawal as been suspended on Patricia indefinitely.

 
 

If you do not trade, move your coins out of any exchange to a reputed noncustodial wallet. Cold wallets which are safer are recommended. I have opened account on Patricia before, not that good for trading as only few coins are listed and not supporting derivatives market. I am surprised that some people still trade and leave their coins and naira on Patricia.

Let us wait and see what will happen, if they are going to be able to let their customers to withdraw their money or not. If this hack did not make the exchange to close down, I hope they will take security seriously for this not to happen again.

Hello Chief,

We are glad to inform you that in the upcoming weeks, we will be opening up withdrawal of the feature, granting you convenient access to your crypto assets.

To ensure the utmost accuracy of your asset information, please complete this asset form. This will allow us  to validate and update our records promptly, enabling seamless processing of your withdrawal requests.

By taking a few moments to fill out the form, you ensure swift access to your account and the ability to make timely withdrawals.

So, Chief, if you have not yet completed the form or friends who are yet to, kindly do so without delay.

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We intend to be meticulous in our assessment of the whole process, hence, it will take us 3-8 weeks to review due to the large number of our users.

If you have Patricians and family members who are yet to fill out the form or are not aware of this information, kindly share it with them as we want to reach everyone.

Thank you for choosing us as your trusted crypto partner — and for your continued support and patience, we remain your valued partner in meeting your crypto needs.

I only see this as a means to calm down their customers. Only when to believe in what they are saying is when they actually refund their customers back their money.

I only see this as a means to calm down their customers. Only when to believe in what they are saying is when they actually refund their customers back their money.

Hello Chief,

Over the past few weeks, we have faced a challenging situation that has impacted you (our users) and the business.

We choose to recognize the importance of your trust in us as a business and its profound impact on our mission to provide a smooth financial experience for all our users.

We are acutely aware of the weight you have placed on us as partners in your financial journey, and we can only ask for your continued patience and support as we navigate the challenges ahead.

We are glad to report that we are making significant progress in resolving the situation, and in the coming weeks, we will provide you with clear timelines on when you can regain access to your funds.

Your unwavering dedication has been a driving force, propelling us forward during this arduous journey. It strengthens our resolve to get "Patricia Personal" back on track and ensures that we continue to assist you in achieving your financial goals.

We are immensely grateful for your patience, support, feedback, and words of encouragement you have shared with us.

The Nigerian government or bank will not intervene, and no one will be arrested over crypto hack or not as far as Nigeria is concerned. I can't tell if Patricia rugpull like most of the trading platforms out there, but what I can tell you is that whoever gets into crypto scam, lost valuable crypto assets does so at his own risk, the Nigerian government has banned crypto trading activities and is not going to engage in it, so everyone who is into crypto in Nigeria does so at their own risk.

The Nigerian government or bank will not intervene, and no one will be arrested over crypto hack or not as far as Nigeria is concerned. I can't tell if Patricia rugpull like most of the trading platforms out there, but what I can tell you is that whoever gets into crypto scam, and lost valuable crypto assets does so at his own risk, the Nigerian government has banned crypto trading activities and is not going to engage in it, so everyone who is into crypto in Nigeria does so at their own risk.

The Nigerian government or bank will not intervene, and no one will be arrested over crypto hack or not as far as Nigeria is concerned. I can't tell if Patricia rugpull like most of the trading platforms out there, but what I can tell you is that whoever gets into crypto scam, lost valuable crypto assets does so at his own risk, the Nigerian government has banned crypto trading activities and is not going to engage in it, so everyone who is into crypto in Nigeria does so at their own risk.

Omo I feel say these stuff na settings o. See the way e take start from suspending of withdrawals to possible hack. Na so e dey take dey o. These guys don japa with people alawee o.  Na these kind things dey attract government into putting policies wey go dey reveal identity of people for Crypto wey no go well. I dey even wonder if our government go put eye into this matter to see how Dem go take resolve am possibly go after the hackers if Dem get any track or trace of activities as regards the funds movement. That one fit make sense Wella.

I used that exchange a couple of times to exchange my Bitcoin into naira, but that was a long time ago as I found out that there have some practices that aid more centralization and third-party staff involvement in key features which I see as a security risk and I avoided the exchange.

Apart from exchanging my Bitcoin to naira I never used Patricia to trade in other coins, and I was not surprised when I got the email of withdrawal disable due to security threats but the emails mentioned that customers' funds were affected by the attack.

Patricia came to lamplight when them do small affiliation with big brother naija 3 abi 4 years ago. Na jow them carry get there poparity and the fact say plenty of our people don dey run crypto matter, plenty of them no understand watin dey. There own be say, them fit leave coin there, dey withdraw am small small as naira through p2p. Them no really get the idea or custodial and non custodial wallet, the dangers of centralisation and most no even know about the "not your keys, not your coins" phrase and how e take dey apply.

From suspension of withdrawals to we are sorry our exchange has been hacked  .

I don't even know if they are still around. taught they have been long shut-down earlier before now, because I barely hear of them, Patricia is not that clean from the start I don't know what have been keeping them in business for this long time, they promise a little high rate different from other market but kind of slow with there crediting back then, I'm a victim of there scam which my funds were frozen on there exchange about $500 worth of Bitcoin in 2021 December, i was asked for all sort of verification, ID photos, selfie with my ID to the extent selfie with my ID together with there name written on a paper yet none of this was approved and solid reason was not giving to why my account got frozen, taught it was normal until few of my friends also complained of thesame thing.

~snip~

I hope you know what Patricia is? A platform located in Nigeria that you can trade bitcoin, few other cryptocurrencies and gift cards. But I think it offers more, which you can see in the image below:

This is another example of not your key not your coin. Withdrawal as been suspended on Patricia indefinitely.

https://twitter.com/PatriciaSwitch/status/1662049215772516352?t=BTNf10Oo158vorot9LlNsw&s=19



If you do not trade, move your coins out of any exchange to a reputed noncustodial wallet. Cold wallets which are safer are recommended. I have opened account on Patricia before, not that good for trading as only few coins are listed and not supporting derivatives market. I am surprised that some people still trade and leave their coins and naira on Patricia.

I thought as much too, but the question here is that, Are they using customers money for external business?

They may not even have enough bitcoin and naira to pay their users anymore. Another thing is that they know that their customers will panic and may want to withdraw immediately, but thinking that some of their customers can change their mind if they are able to recover all the lost money and said the withdrawal has begin again. But it will be a shock for some people if it leads to something like MT. Gox hack of 2014.

Maybe. But all I know is that I got their email message yesterday, and another same message today again, both containing exactly what is on twitter, on the image above. Their active customers will be the one that will know much about this, but I am not one of them. I just want to make this clear because I did not get any message from them about only withdrawal suspended and not giving reason. The last email before this disappointing email was on 19th of this month which was able the launching of their new application.

From suspension of withdrawals to we are sorry our exchange has been hacked  .

All this statements wey them they give na just to calm people down, they are supposed to allow the customers withdraw their money before they continue to face the security challenges they are facing.

This is another example of not your key not your coin. Withdrawal as been suspended on Patricia indefinitely.