Nigerian Company Suspends Crypto Withdrawals After BTC and Naira Compromise

Nigeria-based cryptocurrency exchange Patricia has been the recent victim of a security breach which prompted immediate measures to protect its crypto traders. According to the company’s announcement, its Bitcoin (BTC) and naira assets were comprised.

Patricia, however, did not disclose the extent of assets which were compromised during the breach. The Nigerian company has temporarily suspended all fund withdrawals as a precautionary step. The company did in fact share that an individual among the group which executed the breach has been identified with the aid of local law enforcement.

The victimized exchange stated that it shall continue to co-operate with law enforcement and other entities to recover the compromised assets. Since withdrawals have been suspended on the platform, its users took to Twitter to express the inconvenience felt as they’re disabled from utilizing one of the most preliminary functions of an exchange.

Sources:

https://cointelegraph.com/news/nigerian-crypto-company-suspends-withdrawals-after-btc-and-naira-compromise

https://nairametrics.com/2023/05/28/patricia-suffers-massive-losses-in-crypto-assets-after-security-breach/

https://twitter.com/PatriciaSwitch/status/1662049215772516352