In the wake of a cyber attack in May, Nigerian cryptocurrency exchange Patricia has successfully raised an undisclosed amount of capital to initiate the reimbursement process for affected users. The platform fell victim to hackers, resulting in a loss of approximately $2 million worth of digital assets, limited to BTC and naira holdings. To address the situation, Patricia temporarily froze withdrawals, citing the need to enhance its security measures and trading platform.
Despite the exchange’s efforts to reassure its users, impatience has grown among the affected customer base. CEO Hanu Fejiro acknowledged users’ frustrations and confirmed that funding had been secured to expedite the reimbursement process. While he assured users that the first batch of customers would receive their full refunds immediately upon the launch of the application, a specific date for the refunds was not provided.
This lack of a concrete timeline has stirred unrest among users, leading some to contemplate organizing protests against the exchange. Additionally, there are reports of users considering legal action against Patricia to address their grievances.
The situation highlights the challenges faced by crypto exchanges in maintaining user trust and security amid rising cybersecurity threats. Patricia’s actions to secure funding demonstrate a commitment to reimbursing affected users, but the lack of transparency regarding the timeline remains a point of contention for the disgruntled customer base.