Connect with us


Expert Hails Police for Arresting Culprits Behind Patricia Crypto Exchange Breach



Patricia Technologies

Mr. Seun Dania, chief executive officer of Tradefada, a cryptocurrency exchange platform, has commended the Nigerian Police Force for apprehending perpetrators behind the security breach at Patricia Technologies, a Nigerian cryptocurrency exchange.

In an interview, Dania said the arrest of the culprits will restore trust not only in Patricia Technologies but also in the African startup ecosystem at large.

He emphasized that the apprehension of criminals by the police is a crucial step in dispelling concerns of funds mismanagement and in reaffirming the integrity of Patricia Technologies.

While expressing his unwavering support for Patricia Technologies, Dania pointed out that such incidents, though challenging, test the resilience and potential of startups.

He reiterated his commitment to invest in Patricia, not just financially but also in aiding them to rebuild a more secure platform.

Addressing the affected users, Dania expressed deep empathy and reassured them of Patricia’s dedication to rectifying the situation and preventing future breaches.

He underscored the importance of community support in overcoming such challenges and the vital role of startups in driving economic growth and innovation in Africa.

Dania further praised the collaborative efforts of Patricia Technologies and law enforcement agencies in addressing the crisis. He urged the community to continue supporting local businesses, highlighting their role as pillars of hope and progress in the continent.

The interview forms part of an ongoing initiative to spotlight the resilience and positive impact of African startups, particularly in overcoming adversities.

Back Story

The Nigeria Police Force had earlier announced the arrest of one politician, Wilfred Bonse, for the theft of over 200 million naira ($246,153) from Patricia Technologies’ crypto wallet.

The authority said that it achieved this through its National Cybercrime Center to record significant progress in the Patricia case which includes criminal conspiracy, the unauthorized alteration of computer systems and network data, and the illicit diversion of funds exceeding N200 million ($246,153), as outlined in a petition submitted to the inspector general of police.

The arrest linked to the Patricia Technologies heist brings potential relief to the crypto trading company.

The Nigerian cryptocurrency exchange faced significant scrutiny after a hacking incident in May that resulted in a substantial loss of customer funds.

Responding to customer requests, Patricia converted the value of customer assets to its native Patricia Token (PTK), assuring repayment in the future.

Amidst the storm of the attacks, Patricia had emphasized its dedication to integrity and customer trust, introducing PTK as an internal customer holding.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You have not selected any currencies to display