{"id":62217,"date":"2023-10-21T08:53:54","date_gmt":"2023-10-21T12:53:54","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=62217"},"modified":"2023-10-21T08:53:57","modified_gmt":"2023-10-21T12:53:57","slug":"patricia-offers-shares-to-customers-as-debt-settlement","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/patricia-offers-shares-to-customers-as-debt-settlement\/","title":{"rendered":"Patricia Offers Shares to Customers as Debt Settlement"},"content":{"rendered":"\n

Patricia, a Nigerian crypto exchange, has announced that customers can convert their owed funds into Patricia shares<\/a> as part of its debt restructuring plan. The move comes after a security breach that affected its Bitcoin and naira assets. Some customers have expressed dissatisfaction with the option and the delay in withdrawals.<\/p>\n\n\n\n

\"Patricia<\/figure>\n\n\n\n

Following the launch of the Patricia token (PTK)\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> issued to customers to manage users\u2019 debt by Patricia, the chief executive officer of the exchange (CEO), Fejiro Hanu,<\/use><\/svg><\/span><\/a> has confirmed that customers now have the option to convert their owed funds into Patricia shares.<\/p>\n\n\n\n

According to a statement from the CEO, this process forms an integral component of the firm\u2019s strategy for fundraising and reorganizing its debts. <\/p>\n\n\n\n

In anticipation of the firm\u2019s upcoming app relaunch and in preparation for its fundraising initiative, it allows its users to transform their debt tokens into convertible notes at a favorable discount in Patricia.<\/p>\n\n\n\n

He also revealed that these shares will be managed by a Nigerian Securities and Exchange Commission-licensed trusted third party to ensure complete transparency.<\/p>\n\n\n\n

Customer Dissatisfaction<\/h2>\n\n\n\n

However, this option doesn\u2019t seem to agree with some agitated users who took to a Patricia-affiliated outlet to make their case heard but met no one. <\/p>\n\n\n\n

In a video making rounds on X social platform (formerly known as Twitter), the agitated users are seen hanging around the empty building and making statements reflecting their dissatisfaction with the situation of things.<\/p>\n\n\n\n

\n

So that Patricia bitcoin guy took people\u2019s money and ran away?

People are at their offices rn asking for their money and everywhere is locked. Omo! pic.twitter.com\/aZV70U8niD<\/use><\/svg><\/span><\/a><\/p>— Sabi Radio (@sabiradioonline) October 18, 2023<\/use><\/svg><\/span><\/a><\/blockquote>

Speaking with Cointelegraph, Hanu stated that the video content is misleading and mischievous as the firm runs a full remote structure. <\/p>\n\n\n\n

He stated that the office in the video is an innovation hub set up and announced in 2022 to offer free working spaces to developers and crypto enthusiasts, as Patricia does not actively operate from that office.<\/p>\n\n\n\n

Withdrawal Suspension<\/h3>\n\n\n\n

When asked about the current solution for users who are still unable to withdraw their funds, Hanu stated that the Patricia app<\/use><\/svg><\/span><\/a> that is about to relaunch, is currently in Beta testing. <\/p>\n\n\n\n

Invites were extended to customers to experience the app before opening to the public. Only some customers who opted for the testing process are currently getting their PUTX redeemed.<\/p>\n\n\n\n

According to Hanu, Patricia users have also notified customers of the plan to redeem their balances in batches as soon as the firm reopens.<\/p>\n\n\n\n

This development follows the company\u2019s previous disclosure of a security breach <\/a>resulting in fund losses in May 2023. <\/p>\n\n\n\n

Despite asserting that customer funds remained unaffected, platform users have faced ongoing difficulties in accessing their funds since April.<\/p>\n","protected":false},"excerpt":{"rendered":"

Patricia, a Nigerian crypto exchange, has announced that customers can convert their owed funds into Patricia shares as part of its debt restructuring plan. The move comes after a security breach that affected its Bitcoin and naira assets. Some customers have expressed dissatisfaction with the option and the delay in withdrawals. Following the launch of […]<\/p>\n","protected":false},"author":44,"featured_media":62219,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32],"tags":[4376,350,16195,16859],"class_list":["post-62217","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-exchange-news","tag-debt-offering","tag-nigeria","tag-patricia","tag-token-shares"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/10\/Patricia-Exchange.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=62217"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/62217\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/62219"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=62217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=62217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=62217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}