Nigerian Bitcoin and crypto marketplace Patricia, has shut down fund withdrawals following a security breach that compromised Bitcoin.
Patricia identifies one culprit of a security breach in which customer funds were stolen
Digital asset marketplace Patricia has reported losing bitcoin and naira assets in a breach. Patricia says that in the ongoing investigations, it has found one of the culprits and is still trying to recover the lost funds.
Cryptocurrency marketplace Patricia recently announced that its retail trading application, Patricia Personal, had been breached. The company stated that only its bitcoin and naira assets had been compromised, while other crypto assets remain unaffected. The startup also assured its customers and merchants that their assets were secure and measures were being taken to recover the compromised assets. The company announced that it has identified one of the culprits and temporarily suspended withdrawals on its mobile and web apps to get a handle on the situation.
In the email to its users, Patricia hinted that it may have become a target for hackers due to its increased popularity as a Bitcoin exchange platform. The company, which was founded five years ago after Hans Fejiro lost his gift card to fraudsters, initially started as a gift card exchange platform. Currently, the company reportedly handles 30,000 daily transactions and serves 850,000 users. Acknowledging the risks associated with public recognition, the company stated in the email, “We have quickly become a household name, receiving prestigious awards worldwide. And that comes with a fair share of risks.”
The startup clarified that out of its three arms—Patricia Personal, Patricia OTC Desk, and Patricia Business—only Patricia Personal, the retail trading application, was affected by the breach. However, the company decided to temporarily suspend withdrawals on the app itself due to ongoing internal restructuring.
While not disclosing specific details about the breach suffered by the platform, the company mentioned in the email that it has identified an individual within the syndicated group responsible for the breach. It expressed its commitment to pursuing this lead and collaborating with security agencies and other partners to conduct a thorough audit of the situation and recover the assets.
As of now, TechCabal has not been able to confirm the exact value of the lost assets, which culprit Patricia has identified or how much the company has been able to recover.
