“Empty Office”: Patricia CEO Hanu Speaks as Customers N2bn Remain Trapped, Offers Solution
- Patricia has reacted to an online video that showed the company's alleged empty offices amid ongoing concerns about customers' trapped funds
- The company's CEO, Fejiro Hanu Agbodje, also offered a solution to the N2 billion debt
- Patricia also promised to uphold the highest standards of transparency and integrity in its operations
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Patricia Technologies Limited, a Nigerian cryptocurrency exchange, has denied a video showing an empty office as concerns remain over customers' N2 billion trapped funds.
In a statement signed by Fejiro Hanu Agbodje, CEO and Founder of Patricia, the company said it does not have an office and its operational structure is designed to be fully remote, with team members distributed across different continents.
Source: Instagram
Hanu further explained that the location in the video is an innovation hub offering free co-working spaces to developers and cryptocurrency enthusiasts, not its office.
Part of the statement reads:
"Patricia Technologies Limited has transitioned its headquarters to Vilnius, Lithuania, in response to the Central Bank of Nigeria's regulations initiated in 2021.
"The company's operational structure is designed to be fully remote, with team members distributed across different continents.
"Currently, Patricia Technologies Limited does not have an operating office in Nigeria."
Patricia's customer's funds are trapped
Hanu, in the statement, also revealed plans to convert customers' trapped funds into Patricia shares as a solution to resolve N2 billion debt.
According to him, this process forms an integral component of the firm's strategy for fundraising and reorganising its debts.
Cointelegraph reports that Patricia's boss said the shares will be managed by Nigerian Securities and Exchange Commission (SEC)-licensed trusted third party to ensure complete transparency.
On reasons users cannot withdraw their funds for six months, Hanu stated that the Patricia app is about to be relaunched and is currently in beta testing.
He added that invites were extended to customers to experience the app before opening to the public.
"Some customers who opted for the testing process are getting their Patricia Token (PUTX) redeemed, the exchange’s internal debt management token.
"Patricia users have also notified customers of the plan to redeem their balances in batches as soon as the firm reopens.
"We remain dedicated to our mission of making cryptocurrency and blockchain technology accessible to all while fostering an environment of collaboration and innovation. We will continue to uphold the highest standards of transparency and integrity in all our communications and operations."
Crypto Crisis: 57,000 Traders Lose Money as Bitcoin Drops to $26,000
Legit.ng reported that bitcoin fell to $26,000, causing thousands of traders to incur significant losses.
The volume of trade of Bitcoin stood at approximately $18.2 billion, a 12.6% decline in the last 24 hours.
The cryptocurrency market capitalisation locked around $1.09 trillion, representing a 3.75% fall in the last 24 hours.
Source: Legit.ng
