Patricia’s Dubious Move
– Nigerian crypto exchange Patricia has raised suspicions for converting users’ funds to its newly launched stablecoin without their consent.
– In May 2023, Patricia faced a hack and froze all withdrawals, causing difficulties for users to access their funds.
– The exchange later introduced its stablecoin, Patricia Token (PTK), as a means to rectify the withdrawal issues.
– However, Patricia unilaterally converted users’ funds to PTK without seeking consent, sparking speculation of an exit scam.
– Community members criticized the exchange, flagging it as a potential scam and expressing doubts about the token’s legitimacy.
Actions That Raised Suspicions
– Patricia informed users on August 18, 2023, that all outstanding BTC and Naira balances would be recorded in PTK.
– The crypto community criticized the exchange for potentially scamming users and manipulating the token’s value.
– Some users accused Patricia of conducting an “exit scam” and doubted the possibility of recovering their funds.
– Concerns were raised about the absence of PTK on reputable cryptocurrency platforms and widely used blockchains.
– Users demanded proof of reserve for the token to ensure its legitimacy.
The Hack and Temporary Offer
– Patricia allegedly suffered a hack in January 2022, resulting in the loss of approximately $2 million.
– In late May 2023, Patricia closed all withdrawals, citing the hack and compromised assets.
– Anonymous sources revealed that the hack actually occurred in January 2022.
– During the hack period, Patricia offered to purchase users’ crypto assets and compensate them with cash, but the offer ended in March 2023.
Hot Take: Patricia’s Suspicious Actions
Patricia’s decision to convert users’ funds to its stablecoin without consent raises significant concerns about the exchange’s credibility and trustworthiness. The unilateral action, along with the absence of PTK on reputable platforms and the lack of proof of reserve, further fuels suspicions of an exit scam. The crypto community should exercise caution when dealing with Patricia, and users affected by the hack should seek legal recourse to recover their funds.
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