Patricia exchange raises exit scam fears after converting user funds to native token
CG
Home » Business » Nigeria: Patricia exchange raises exit scam fears after converting user funds to native token
Nigeria: Patricia exchange raises exit scam fears after converting user funds to native token
BUSINESS8 HOURS AGO
A Nigerian digital asset trading platform has sparked exit scam fears after it launched a native token and converted all its users’ deposits to “worthless” tokens.
Known as Patricia, the Lagos-based platform was hacked earlier this year, it revealed in May. However, it has yet to disclose details about the hack, including the date, the amount stolen, or whether the incident was reported to the authorities. It then suspended withdrawals, leaving its users in distress.
Three months later, the company has launched a new native token to right the wrongs, complete with a redesign of its mobile app. Beyond using the new token to refund users whose funds were lost in the hack, the platform is forcing the token on other users.
Patricia announced that it’s converting—without user content—all outstanding BTC and naira balances to the PTK token.
African investors have been targeted by digital asset scammers over the years, losing billions of dollars. According to Chainalysis, investment, romance, and giveaway scams were the most popular.
South African scam Africrypt holds the record for the largest scam in the continent. Launched by two brothers—aged 18 and 21—it allegedly made off with $3.6 billion from high-net-worth individuals and celebrities.
