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Patricia CEO Refutes Shutdown Rumors Amidst Customer Fund Loss Concerns

Fejiro Hanu, CEO of Nigerian cryptocurrency exchange Patricia, has taken to social media to dispel rumors surrounding the imminent closure of the platform. Addressing concerns over customer fund loss and scaling challenges, Hanu refuted speculations of the exchange’s shutdown, attributing them to the rapid dissemination of negative news.

In a statement posted on his X account, Hanu emphasized the prevalence of clickbait headlines and misinformation perpetuated by various news outlets and blogs. He expressed frustration over the misconceptions generated by these narratives and extended apologies to the exchange’s users while reaffirming his commitment to withstanding online harassment.

Despite facing scrutiny following last year’s admission of a $2 million customer funds loss due to an alleged security breach, Patricia remains a pioneering platform in Nigeria’s cryptocurrency landscape. The exchange, however, has recently been subject to closure rumors despite no official announcement from the company.

Last November, the arrest of former Nigerian gubernatorial candidate Wilfred Bonse in connection with the exchange breach provided some relief for Hanu, who viewed it as a step towards restoring trust. However, recent commentaries have cast doubts on the exchange’s future, suggesting it could be on the brink of collapse.

Ezra Olubi, co-founder and CTO of Paystack, expressed skepticism regarding Patricia’s narrative. On X, Olubi questioned the exchange’s handling of customer assets, hinting at potential misappropriation for extravagant spending before attributing losses to a hack.

Hanu’s public rebuttal aims to underscore Patricia’s resilience amidst ongoing challenges and reaffirm its commitment to maintaining operations despite external pressures. As the exchange navigates uncertainties, Hanu remains steadfast in his efforts to uphold trust and transparency within the cryptocurrency community.

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