What's Really Going On With Crypto Exchange Patricia?
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Startup - October 3, 2023

What’s Really Going On With Crypto Exchange Patricia?

Crypto exchange platform, Patricia recently found itself under a cloud of suspicion and mistrust, as a series of concerning events have unfolded, leaving both experts and users puzzled.

With an 80% reduction in the company’s workforce and unresolved customer concerns, Patricia’s reputation in the crypto world seems to be hanging by a thread. 

In this article, we delve into the details of these issues to uncover the truth behind the controversy surrounding this exchange.

Lack of Transparency

Patricia, the retail trading app, recently revealed that a hack had occurred, causing them to freeze withdrawals. But here’s the kicker – the breach actually happened in January 2022, not “not long ago” as they claimed. $2 million went down the drain, and they kept mum about it until now. 

Talk about a lack of transparency! This delay in divulging the truth has led many to suspect that the introduction of Patricia Tokens (PTK) might just be a smokescreen for an exit scam.

This significant delay in disclosing the breach has left customers questioning Patricia’s motives and integrity.

In the cryptocurrency world, transparency is paramount, and the failure to promptly disclose such a critical breach has eroded the trust of many users. 

Communication Gaps

Perhaps one of the most bewildering aspects of Patricia’s actions is its apparent disregard for communication with its customers. 

The introduction of new tokens, known as Patricia Tokens (PTK), took place without any prior notification to its user base. Customers were left in the dark as their funds were converted into these tokens, raising concerns about their ability to access and trade their assets as they wished.

Ignoring Customer Concerns

Another cause for alarm is Patricia’s seemingly negligent response to customer concerns. Users reported difficulties in withdrawing their funds in April, yet the exchange remained unresponsive to their pleas for assistance. 

Users left comments below the exchange’s official tweets stressing that they were unable to withdraw their funds. 

Source: Brokersview

What they got as a response was the announcement of a new app, Patricia Plus on the 28th of  April 2023. Patricia announced that its new app, Patricia Plus, was available for download. 

This development made users further confused and sceptical. The prolonged period during which customers struggled to access their own funds raises questions about the exchange’s commitment to its user base. 

Patricia finally responded on the 8th of May, 2023. It explained that withdrawals had been pending, as a result of congestion on the Bitcoin network. 

They also announced that the congestion would make them move all their operations to Patricia Plus adding that withdrawals will be prohibited until the 15th of May, to allow for a smooth migration process.

Their response was not solid enough to appease users, so it further increased their distrust.

Security Breach

The revelation of a security breach in May served as a turning point in Patricia’s downward spiral. This breach, which the company initially kept under wraps, eventually came to light, causing further damage to its reputation. 

An email sent to customers sighted by newsmen revealed that Patricia told its users that they were victims of a hack. The mail reads in part,  “Not long ago, we were victims of a hack. Patricia, the retail trading application, was solely affected by the breach. BTC and Naira assets were compromised.” 

However, sources say that the breach on the Patricia app happened in January 2022. They also revealed that the company reportedly lost $2 million in the incident which made Patricia partially freeze withdrawals.

No Trust from Users

As a result of these cumulative actions and incidents, Patricia now faces a severe lack of trust from its users. The crypto community, known for its vigilant scrutiny of exchanges, has grown increasingly sceptical of Patricia’s intentions and reliability.

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