News Exchange Watch

Nigerian Crypto Company Suspends Withdrawals After BTC and Naira Compromise

single-image

Efforts are underway to recover compromised assets and enhance security measures as users express concerns on social media.

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.

The company announced it was a victim of a security breach that compromised its Bitcoin 
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.”

Stay in the know on crypto by frequently visiting Crypto News Today

Although Patricia did not disclose the extent of assets compromised in the breach, it revealed that an individual among the syndicated group that perpetrated the breach had been identified with the help of law enforcement. It said it would continue to work with law enforcement and other partners to recover the assets.

Advertisement

Since the suspension of withdrawals on the platform, its users have taken to Twitter to express their opinions, citing inconveniences. Nonetheless, the company emphasizes its ongoing efforts to enhance the platform’s security measures.

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.

To enhance the security of the platform, the company has enlisted the services of a security firm to conduct an audit. Once the affected arm of the business — Patricia Personal — receives clearance for operations, customers will regain the ability to withdraw their funds.

In February, a Nigerian fintech company, Flutterwave, was allegedly exploited for nearly 2.9 billion nairas ($6.3 million). The Central Bank of Nigeria (CBN) began flagging bank accounts in response to the hack and in a bid to apprehend the culprits.

The CBN does not recognize cryptocurrencies as legal tender. In February 2021, the CBN banned commercial banks in Nigeria from engaging in cryptocurrency transactions. In a bid to protect citizens from black market criminal and fraudulent crypto activities, the CBN made it clear that the financial system and banking sector would not be linked to cryptocurrency trading.CRYPTOCASTER® - DECENTRALIZED FREEDOM!
Read More at COINTELEGRAPH


Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.


Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt

You may also like