Nigerian Crypto Company Suspends Withdrawals After Security Breach

• Nigerian crypto company Patricia has encountered a security breach, resulting in the suspension of fund withdrawals.
• The company identified an individual within the syndicated group that perpetuated the breach with the help of law enforcement.
• To enhance platform security, the company has enlisted a security firm to conduct an audit and users are expressing concerns on social media.

Nigerian Crypto Company Suspends Withdrawals After Security Breach

Patricia — a Nigerian gift card and crypto trading platform — has encountered a security breach, prompting immediate measures to safeguard its users. As a precautionary step, the platform has temporarily suspended fund withdrawals.

Compromised Assets Identified

The company announced it was a victim of a security breach that compromised its Bitcoin (BTC) and naira assets. In the message it sent to users, it said other cryptocurrencies and customer funds were unaffected by the breach. However, customers cannot withdraw funds from the platform as it is “undergoing internal restructuring.”

Law Enforcement Helps Identify Perpetrator

According to reports, the specific person within the group was identified through compromised naira assets, with most of the naira assets being linked back to that individual. Efforts are underway to recover these assets and enhance security measures for users‘ safety.

Security Firm Conducts Audit

To enhance the security of the platform, Patricia has enlisted the services of a security firm to conduct an audit in order to fully restore operations and user trust in their services.

User Concerns on Social Media

Since suspending withdrawals on Patricia’s platform, its users have taken to Twitter to express their opinions about potential inconveniences caused by this incident. Nonetheless, Patricia emphasizes its ongoing efforts to secure customer assets with reliable partners and reinforce its system against any future breaches .