Patricia, a Nigerian crypto exchange, debunks closure rumors

Fejiro Hanu, the CEO of Nigerian cryptocurrency exchange Patricia, has refuted rumors of the exchange's closure...

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Fejiro Hanu, CEO of Nigerian cryptocurrency exchange Patricia, has denied rumors of its closure, calling it a media stunt to attract clicks.

He claimed the exchange remains operational, adding that the information was twisted to fit media outlets’ agenda.

“Good news doesn’t sell as fast as hate/bad news. So everyone is quick to run with the narrative.”
Patricia has been under scrutiny following a hack in May 2023. Despite assurances that customers’ funds were safe, users have had challenges accessing their accounts since April 2023. The lack of access raised concerns of a potential scam and sparked fears for customers with funds stuck on the platform.
In response to customers’ demands, Patricia converted its customers’ asset values to its native token Patricia Token (PTK) in October 2023, assuring future redeemability.
Patricia emphasized its commitment to customers’ trust and integrity, presenting PTK as an internal asset of its customers.
Patricia said it was committed to refunding holders 1 USDT equivalent for the Patricia Token, ensuring recovery of funds after the breach. Patricia clarified that PTK is off-chain and acts as an internal token representing debt, managed by the company.