Patricia, a Nigerian crypto exchange platform, announced on May 26 that one of its trading applications had been breached and that BTC and naira assets were compromised. The exchange said it has since suspended withdrawals and is presently “undergoing internal restructuring.”
According to an update issued by Patricia, the breach was discovered on May 25 and affected the platform’s retail trading application.
The hackers were able to access user accounts and steal BTC and naira assets. However, other crypto balances were not affected by the breach.
Patricia said it is working with law enforcement to track down the hackers and recover the stolen assets. The exchange has also strengthened its security measures to prevent future hacks.
The hack is a major setback for Patricia, which is one of the leading crypto exchanges in Nigeria. The exchange has over 1 million users and processes millions of dollars in transactions each month.
The hack is also a reminder of the risks involved in trading cryptocurrencies. Cryptocurrencies are not regulated by governments and are therefore vulnerable to hacks and other forms of fraud.
Investors who are considering trading cryptocurrencies should carefully evaluate the risks involved and take steps to protect their investments.