Nigerian cryptocurrency exchange suspends withdrawals after BTC/naira settlement

As consumers voice their worries on social media, action is being taken to restore stolen funds and tighten security.

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

The organisation disclosed a security vulnerability that resulted in the loss of Bitcoin and Nigerian naira. It reassured its customers that their cash and any other cryptocurrencies they may have were not compromised. Users are unable to access their money while the site is “undergoing internal restructuring.”

Patricia did not indicate how much was lost in the hack, but she did say that a member of the criminal ring responsible for the attack had been identified with the aid of the authorities.

Reports claim that the gang member responsible for the theft of hundreds of thousands of Nigerian naira was tracked down using the stolen currency.

The business has hired a security company to do an examination of the platform in an effort to improve its safety. Customers may now again make withdrawals once Patricia Personal, the impacted division, is given the green light to resume operations.

Flutterwave, a Nigerian fintech startup, was reportedly scammed out of approximately $6.3 million in February. In an effort to identify and punish those responsible for the attack, the Central Bank of Nigeria (CBN) has begun to flag bank accounts.

The Central Bank of Nigeria (CBN) outlawed cryptocurrency transactions at commercial banks in the country in February 2021. The Central Bank of Nigeria (CBN) made it plain that the financial system and banking sector will not be tied to cryptocurrency trading in an effort to safeguard residents from black market criminal and fraudulent crypto activities.

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