Insider reports that cryptocurrency company Patricia lost funds due to security breach
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An insider under condition of anonymity has revealed that Nigerian cryptocurrency company Patricia experienced a security breach on its cryptocurrency processing platform. The breach caused the company to impose restrictions on Bitcoin transactions.
The breach resulted in a loss of funds, namely Bitcoin and Naira assets, but with no details to the amounts lost. While most of the funds have been recovered and the breach has been contained, Bitcoin withdrawals remain locked as the company investigates the extent of the breach and attempts to recover the remaining assets.
The loss is estimated at around US $2 Million.
Patricia, known for being a popular cryptocurrency investment platform in Nigeria, does not have insurance coverage for crypto assets and is working to restore trust and integrity among investors. Most of the funds have been recovered while Patricia is planning to cover the rest of the loss from company sourced funds.
The full statement from Patricia:
“Not long ago, we were victims of a security breach. Patricia Personal, the retail trading application, was solely affected by this breach — BTC and Naira assets were compromised. Every other crypto balance is unaffected — customer and merchants’ assets are secure. In light of this, we are undergoing internal restructuring and temporarily suspending withdrawals on Patricia’s personal application. We understand how this may affect our customers, and we sincerely apologize for the trouble caused. We assure you that we are working to bolster our security measures and continue collaborating with law enforcement agencies, asset issuers (foundations), exchanges, and DeFi managers to recover the assets. With the help of law enforcement agencies, our security team has identified an individual among the syndicated group responsible for this breach. We will continue to pursue this lead vigorously and work with security agencies to ensure a thorough audit of the situation. The security of our users’ assets is our utmost priority.”
