Nigerian Crypto Firm, Patricia Continues Repayment as Bitcoin Hits New High

• Patricia Technologies, a Nigerian crypto platform, has commenced the repayment of customers after suffering a cyberattack
• The company said the repayment process demonstrates its commitment to restoring customers’ confidence in its platform
• The current repayment process began on December 10, 2024, with the company asking customers to update their details on the platform

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

Patricia Technologies has begun repayments to subscribers affected by a security breach of its crypto trading platform.

The development is another step in the firm’s effort to restore customers’ confidence.

Patricia requests window

According to reports, the platform requested a two—to five-year repayment window to generate income from operations and law enforcement recovery efforts and repay its affected customers.

Legit earlier reported that Patricia experienced a significant cyberattack in 2022, losing over N600 million in users' funds.

After the breach, the platform temporarily halted withdrawals to protect customers’ funds and petitioned the Inspector General of Police to report the theft.

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Police arrest a politician in connection with the theft

The security agencies recorded a breakthrough in with the arrest of Wilfred Bonse, a politician and three other suspects in November last year.

With the current repayment plan, the company has demonstrated its commitment to continuing the disbursement of funds to affected users.

The repayment process began on December 10, 2024, while other affected users are expected to receive their funds in batches.

Reports say users are advised to update their details on the crypto platform and monitor official channels for updates regarding their repayment timeframes.

Bitcoin hits $100,000 for the first time

Legit.ng earlier reported that Bitcoin hit $100,000 for the first time after Donald Trump emerged as the President-elect.

This came after Trump picked a top crypto fan as the the head of US Securities regulator to reinforce hope for cryptos.

Bitcoin surged through the mark, enjoying a rally since the November 5 election. The digital unit has jumped more than 50% since the tycoon's victory -- and around 140% since the turn of the year.

Source: Legit.ng