Nigerian cryptocurrency company Patricia has reportedly suffered a significant security breach on its cryptocurrency processing platform. An anonymous insider disclosed to Technext that while a substantial amount of funds was lost, the company asserts that the majority has been recovered, and Patricia intends to cover the remaining losses itself.

The anomaly was initially noticed by Technext, which observed unusual issues with Patricia's Bitcoin transactions, particularly stuck withdrawals, while other crypto transactions proceeded smoothly. This unprecedented glitch, after three years of monitoring the platform, prompted Technext to contact an internal source. The source confirmed a "high level" breach, originating from an issue with the blockchain, necessitated the immediate suspension of Bitcoin withdrawals globally. The breach has since been curtailed, but Bitcoin withdrawals remain locked as the company conducts an extensive investigation to pinpoint the breach's origin and determine the full extent of the platform's compromise. The insider was unable to disclose the exact amount lost, emphasizing that this figure remains unclear even internally due to the ongoing investigation.

It was clarified that only Bitcoin and Naira balances were compromised. Transactions involving other cryptocurrencies such as Ethereum, DogeCoin, and USDT are unaffected and continue to function, allowing customers with investments in these assets to withdraw their funds. Despite the recovery of most lost assets, the company was unable to retrieve all of them, suggesting that some customer funds might still be impacted.

Patricia is widely recognized as one of Nigeria’s most popular cryptocurrency investment platforms, partly due to its young CEO, Hanu Fejiro Agbodje, and its sponsorship of the popular reality TV show, Big Brother Naija. This popularity has fostered considerable trust among young investors globally. However, a critical aspect of cryptocurrency investment is the absence of an insurance policy for crypto assets. This means investor trust is the sole safeguard. The insider stated that Patricia is dedicated to restoring the platform's complete integrity, reinstating investor funds, and rebuilding confidence. The company is reportedly striving to absorb most of the losses, indicating a commitment to refund investors, a process that may require time due to the lack of crypto insurance.

In an official statement to Technext, Patricia confirmed the security breach, specifically acknowledging that its "Patricia Personal" retail trading application was affected, compromising BTC and Naira assets. The statement reiterated that all other crypto balances for customers and merchants are secure. Consequently, the company is undergoing internal restructuring and has temporarily suspended withdrawals on its personal application. Patricia expressed apologies for the inconvenience caused and assured customers of ongoing efforts to strengthen security measures. The company is actively collaborating with law enforcement agencies, asset issuers (foundations), exchanges, and DeFi managers to recover the compromised assets. Their security team, in conjunction with law enforcement, has successfully identified an individual within the syndicated group responsible for the breach, and the company pledges to vigorously pursue this lead and work with security agencies to ensure a thorough audit. Patricia emphasized that the security of its users’ assets remains its utmost priority, promising continuous updates to all stakeholders.