Patricia breached, bitcoin and naira stolen.

[Charles-Tim]

I hope you know what Patricia is? A platform located in Nigeria that you can trade bitcoin, few other cryptocurrencies and gift cards. But I think it offers more, which you can see in the image below:

This is another example of not your key not your coin. Withdrawal as been suspended on Patricia indefinitely.

https://twitter.com/PatriciaSwitch/status/1662049215772516352?t=BTNf10Oo158vorot9LlNsw&s=19

If you do not trade, move your coins out of any exchange to a reputed noncustodial wallet. Cold wallets which are safer are recommended. I have opened account on Patricia before, not that good for trading as only few coins are listed and not supporting derivatives market. I am surprised that some people still trade and leave their coins and naira on Patricia.

[1714511162]

1714511162

[Hyphen(-)]

From suspension of withdrawals to we are sorry our exchange has been hacked  .

All this statements wey them they give na just to calm people down, they are supposed to allow the customers withdraw their money before they continue to face the security challenges they are facing.

This is another example of not your key not your coin. Withdrawal as been suspended on Patricia indefinitely.

Exactly, Not your keys not your coin.

I think it is time for our people to say goodbye to keeping our coins in centralize exchanges because even the reputable centralize exchange cannot be trusted anymore. Therefore make we just they trade for there and send our money back to the wallets we have our private keys with us.

[Doan9269]

It's sucks seing exchanges falling down each day, this is not about being a reputable one or not because am even hearing about this for the first time, you can't expect me to use those kind of exchanges where Binance itself is not having a super priority preference on my end, except i want to use it for a quick exchange, have your financial investment with them and always be on the run for fear of loosing it all at any time or have a decentralized digital wallet as cold storage and have peace of mind, it's really a game of not your keys not your coins

[Charles-Tim]

From suspension of withdrawals to we are sorry our exchange has been hacked  .

Maybe. But all I know is that I got their email message yesterday, and another same message today again, both containing exactly what is on twitter, on the image above. Their active customers will be the one that will know much about this, but I am not one of them. I just want to make this clear because I did not get any message from them about only withdrawal suspended and not giving reason. The last email before this disappointing email was on 19th of this month which was able the launching of their new application.

All this statements wey them they give na just to calm people down, they are supposed to allow the customers withdraw their money before they continue to face the security challenges they are facing.

They may not even have enough bitcoin and naira to pay their users anymore. Another thing is that they know that their customers will panic and may want to withdraw immediately, but thinking that some of their customers can change their mind if they are able to recover all the lost money and said the withdrawal has begin again. But it will be a shock for some people if it leads to something like MT. Gox hack of 2014.

[Igebotz]

From suspension of withdrawals to we are sorry our exchange has been hacked  .

Maybe. But all I know is that I got their email message yesterday, and another same message today again, both containing exactly what is on twitter, on the image above. Their active customers will be the one that will know much about this, but I am not one of them. I just want to make this clear because I did not get any message from them about only withdrawal suspended and not giving reason. The last email before this disappointing email was on 19th of this month which was able the launching of their new application.

I got scammed $200 steam card last year on their shitty gift cards exchange service, after uploading the back of my steam card and receipts, they used my card and told me it was invalid, i got back to steam card customer care and was told that my card was redeem by a third party site, that was my final relationship with Patricia. Nigerians, on the other hand, are stupid because I don't see why anyone would leave their valuables on such low-budget sites. I feel bad for the victims but Patricia needed to be stopped

[Hyphen(-)]

All this statements wey them they give na just to calm people down, they are supposed to allow the customers withdraw their money before they continue to face the security challenges they are facing.

They may not even have enough bitcoin and naira to pay their users anymore. Another thing is that they know that their customers will panic and may want to withdraw immediately, but thinking that some of their customers can change their mind if they are able to recover all the lost money and said the withdrawal has begin again. But it will be a shock for some people if it leads to something like MT. Gox hack of 2014.

I thought as much too, but the question here is that, Are they using customers money for external business?

Because if they still have the customers funds they could have allow withdrawal as they will be working on the security bridge they has; nevertheless, I hope they get back strong so that the customers will get to withdraw their funds.

[Charles-Tim]

I thought as much too, but the question here is that, Are they using customers money for external business?

Some bitcoin and naira stolen. So likely Patricia may not be able to pay customers completely as they may all panic to withdraw as fast as possible. But all we know is that the hack led to the withdrawal suspension which is common to all exchanges that had been hacked before.

[SatoPrincess]

Patricia founders should have put systems in place to remedy these kind of situations, I doubt they have a proper cyber security team. I often see their founder living the dream on social media, it gave me the impression that they believe they have nothing to worry about. This is only the first hack, I hope they can fix the situation and refund their clients, it will be such a shame to see such a thriving company go down like that. This should be a warning to their competitors Roqqu to take precautions and also to crypto investors never to hodl their coins in an exchange.

[Asiska02]

I don’t know much about this exchange, but with the replies I’m seeing here, it seems it’s a big exchange that has a lot of customers. Dis na big shame to the company if dey don come dis far and dem still dey face security breach challenges. I’m not trying to encourage dem to do better so dat customers will have confident of their money saved with them but to keep their reputation at least of not losing all customers to their contemporaries. No matter how good an exchange is, it can never be completely relied on and this is just an example of what the forum always frown about not keeping most of your savings with exchanges. I hope the customers are compensated for their money soon.

[Kelward]

I hope you know what Patricia is? A platform located in Nigeria that you can trade bitcoin, few other cryptocurrencies and gift cards. But I think it offers more, which you can see in the image below:

This is another example of not your key not your coin. Withdrawal as been suspended on Patricia indefinitely.

https://twitter.com/PatriciaSwitch/status/1662049215772516352?t=BTNf10Oo158vorot9LlNsw&s=19

If you do not trade, move your coins out of any exchange to a reputed noncustodial wallet. Cold wallets which are safer are recommended. I have opened account on Patricia before, not that good for trading as only few coins are listed and not supporting derivatives market. I am surprised that some people still trade and leave their coins and naira on Patricia.

I just hear of this Patricia, for the first time here. Scams na very big problem for inside online businesses, and problem be say you no know whether the scam na internal or external, because some fraudsters go open business with the aim of defrauding unsuspecting customers. Anyway the biggest lesson wey I don learn for here as a beginner be say e de safe and better to keep our assets for inside a noncustodial wallet, to avoid story for our hard earned money. If this Patricia, dey legit, I hope say make them come back stronger, so people no go loose trust for online businesses in Nigeria.

[Davidvictorson]

~snip~

It hurts when I see Nigerian start-up encountering security challenges like that threatens their existence and reputation. But then again what do you expect from a company that didn't put so much into their security structure. Now they have given more credence to the "Not Your Keys, Not Your Coins" maxim. And again and again why self custody is the path to go. I do not think they have found any culprit as they have claimed. It is all PR to prevent their customers and the public from FUD.

On the other hand, this is a huge wake up call to them. Hacks are not anything new to exchanges. Binance has been hacked. It is what they do after that matters. First thing first is to work on their security infrastructure and second thing which is the hardest is to win by the public trust and confidence because a lot of persons are going to close down their account. They need a great PR team here and their CEO Hanu Fejiro Agbodje has to be at the forefront of it just like CZ did and is doing.

[Amphenomenon]

Only BTC and naira assets affected no other was affected hmm, no offence, I see this as an intentional acts from them like they are just trying to get hold of some bitcoin before the next halving. Surprising to see people still store their coins in such exchange (anyway ignorance is bliss), let's just see what they do next.
But will they face any legal issues if they fails to return the assets, just like FTX?

[Mr.suevie]

This news now is actually not a new thing anymore because centralise exchanges have proven to be unreliable and constantly failed its customers when it comes to delivering of solid services. Well with all the teaching and knowledge I have gather from my short stay here, I have learnt one vital note which is the phrase of not your keys not your coins and its very simple though you just actually have to save your money in place where you are the one with full control and send them to the exchange whenever you actually feel like selling your coins. That way your coins will be safe from any scandals or shenanigan that will ever happen to these centralized exchanges.

[Merit.s]

If exchange like FTX worldwide fit crash,then no be new thing say Patricia crash. I just feel for the victims that their funds was in Patricia because I can't guarantee a refund back of funds,since na Naija wey dey. I guess that those people  that do leave their funds in exchanges are not in this forum because the news of exchange crashing is not new to us anymore,and if anyone here is ignorant of not your keys not your coins,I believe say he go get sense soon when he loss him funds to exchange. This message na especially for newbies wey just come the forum and wey no get idea on the kind of wallet wey them go use dey full charge of their coins. Newbies una fit use electrum wallet,as the wallet easy and safe to use and na only u get access to your coins.

[Nwada001]

I don't even know if they are still around. taught they have been long shut-down earlier before now, because I barely hear of them, Patricia is not that clean from the start I don't know what have been keeping them in business for this long time, they promise a little high rate different from other market but kind of slow with there crediting back then, I'm a victim of there scam which my funds were frozen on there exchange about $500 worth of Bitcoin in 2021 December, i was asked for all sort of verification, ID photos, selfie with my ID to the extent selfie with my ID together with there name written on a paper yet none of this was approved and solid reason was not giving to why my account got frozen, taught it was normal until few of my friends also complained of thesame thing.

For a platform with such a record, although they are not publicly proven to be scumbags, this kind of news is likely to happen anyway. In cases like this, the victims have a very small percentage of getting their refunds, and anyone who is not yet affected should just hope they release their restricted withdrawal very soon, because right now they will not want to allow people to withdraw all their funds at once, for it will completely shut them down. That's if they even have enough funds to cover their depositors withdrawals, because all this centralized system can be so tricky sometimes and joke with people's money in their possession.

[CryptSafe]

Costly mistakes people make which affects them in the long run. Centralised exchange is not secured and safe for keeping of funds. If a centralised exchange well known globally can face hack how much more about this low grade exchange wey no even get better backup sef.

For quite a long time the campaign has been on and people are advised not to store or save their Crypto assets with centralized exchange as they can not be guaranteed of their assets safety but choose not to hear. I sorry for those who lost their bitcoin and funds held under the custody of Patricia exchange.

If the Patricia management are known they should be held accountable for their actions and a backup / repayment plan should be on course by now to remedy the situation.

[Wiwo]

I used that exchange a couple of times to exchange my Bitcoin into naira, but that was a long time ago as I found out that there have some practices that aid more centralization and third-party staff involvement in key features which I see as a security risk and I avoided the exchange.

Apart from exchanging my Bitcoin to naira I never used Patricia to trade in other coins, and I was not surprised when I got the email of withdrawal disable due to security threats but the emails mentioned that customers' funds were affected by the attack.

[DaNNy001]

I don't even know if they are still around. taught they have been long shut-down earlier before now, because I barely hear of them, Patricia is not that clean from the start I don't know what have been keeping them in business for this long time, they promise a little high rate different from other market but kind of slow with there crediting back then, I'm a victim of there scam which my funds were frozen on there exchange about $500 worth of Bitcoin in 2021 December, i was asked for all sort of verification, ID photos, selfie with my ID to the extent selfie with my ID together with there name written on a paper yet none of this was approved and solid reason was not giving to why my account got frozen, taught it was normal until few of my friends also complained of thesame thing.

Thats a whole lot of money ma man, wow!! Sorry to hear you lost that huge amount in that platform. Well as them talk am na only our mistake go fit teach us better lessons because we go make sure say we learn very well from that mistake. Well for me I dey very careful to even save any coins for any platform not even the world most recognised exchange @binance, because all this people just no dey trust worthy.

[Mate2237]

God, this is very bad of them. At least when Paxful was about to short down, they made an announcement that if anyone has coins there should move it out within a specific period of time they gave and why Patricia exchange could not do that to save lives. And one thing why people are keeping their coins in the exchange platforms is because of the recent development of high cost of transaction fees. Because if you keep not exchange and you want to sell, it will make the process very easy.

And not the exchange you see in the net should be used. Most of them are there siphoned coins to their personal wallets so be careful with your dealings with these exchange platforms. Just like as the OP said, "Not your key and not your coins"

[Smartvirus]

Patricia came to lamplight when them do small affiliation with big brother naija 3 abi 4 years ago. Na jow them carry get there poparity and the fact say plenty of our people don dey run crypto matter, plenty of them no understand watin dey. There own be say, them fit leave coin there, dey withdraw am small small as naira through p2p. Them no really get the idea or custodial and non custodial wallet, the dangers of centralisation and most no even know about the "not your keys, not your coins" phrase and how e take dey apply.

The thing way dey be say, them go dey lose until them learn. Like this now, Patricia don exit be this o because, I no sure say them talk the extent of this breech finish plus, the hackers only focus on the most valuable. Them fit still come later and finish the work way them don start.