Major Crypto Breach Hits Nigeria: Trading Platform Suspends Withdrawals
Patricia, a Nigerian crypto trading platform, has temporarily halted fund withdrawals due to a security breach compromising its Bitcoin and naira assets, and is enhancing security measures while working with law enforcement to recover lost assets.
Nigerian gift card and crypto trading platform Patricia has suffered a security breach, compromising its Bitcoin and naira holdings, leading to the temporary suspension of fund withdrawals. While the exact extent of the breach is undisclosed, Patricia maintains that other cryptocurrencies and client funds are secure. The platform is currently undergoing an "internal restructuring" to strengthen security measures.
With law enforcement's assistance, one perpetrator from the syndicate behind the breach has been identified, mostly through compromised naira assets. A security firm is auditing Patricia to fortify the platform's defenses. Patricia assures its users that withdrawal services will resume once “Patricia Personal”, the affected business segment, is cleared to operate.
This incident follows a substantial hack against Flutterwave, a Nigerian fintech firm, in February, where around 2.9 billion nairas ($6.3 million) were allegedly stolen. In response, the Central Bank of Nigeria (CBN) started flagging bank accounts to catch the culprits. CBN, which banned commercial banks from crypto transactions in February 2021, has clarified that it will not link the banking sector to cryptocurrency trading.
