Nigerian Crypto Firm Patricia Halts Withdrawal Post Exploit

• The platform has temporarily disabled withdrawals as a security measure.
• A member of the criminal ring responsible for the breach had been identified.

Patricia, a Nigerian platform for buying and selling cryptocurrencies and gift cards, has had a security compromise, forcing swift action to protect its consumers. The platform has temporarily disabled withdrawals as a security measure.

The organization disclosed a security vulnerability that resulted in the loss of Bitcoin and Nigerian naira. Other cryptocurrencies and client assets were safe, it assured users in an email. Customers, however, are unable to get their money out of the system at the moment. Since it is “undergoing internal restructuring.”

Investigation Underway

Patricia didn’t say how much was stolen. But it did say that a member of the criminal ring responsible for the breach had been identified with the aid of the authorities. It pledged to keep collaborating with authorities and other parties in an effort to retrieve the missing funds.

Also, users have resorted to Twitter to vent their frustration with the platform after withdrawals were temporarily disabled. However, they stress that they are always working to make the platform safer.

Moreover, most of the stolen Naira was traced back to a single individual. Who was reportedly identified via the group’s compromised Naira assets. The business has hired a security firm to undertake an assessment of the platform. In an effort to improve its security.

Customers may now again make withdrawals once Patricia Personal, the impacted division, is given the green light to resume operations. The Central Bank of Nigeria (CBN) made it plain that the banking system and cryptocurrency trading will not be connected to safeguard people from illegal and fraudulent crypto operations on the black market.

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