Platform Patricia Experiencing Security Violations, Temporary Fund Withdrawal Stopped

JAKARTA - Platform Patricia, a Nigerian platform engaged in gift card and crypto trading, has experienced a security breach that triggers immediate measures to protect its users. As a precautionary measure, the platform temporarily suspends withdrawing funds.

The company announced that it was a victim of a security breach that compromises BTC's Bitcoin assets at a price of US$26663 (Rp400 million) and naira assets. In a message sent to users, Patricia stated that other cryptocurrencies and customer funds were not affected by the breach. However, customers cannot withdraw funds from the platform because they are "going internal restructuring."

Although Patricia did not disclose the extent of asset compromise in the breach, the company revealed that individuals in the syndicated group who committed violations had been identified with the help of law enforcement. The company will continue to work closely with law enforcement and other partners to recover their assets.

Since the suspension of withdrawing funds on the platform, users have expressed their opinion on Twitter about the issue, complaining about the inconvenience caused. However, the company stressed their ongoing efforts to improve platform security measures.

According to reports, certain people in the group were identified through compromised naira assets, with most of the naira assets reconnected to the individual.

To improve platform security, the company has hired the services of a security company to conduct audits. Once the affected part of the business, Patricia Personal, gets clarification to operate, customers will get the ability to withdraw their funds back.

In February, a Nigerian fintech company, Flutterwave, was allegedly hacked with a loss of nearly US$6.3 million (Rp94.5 billion). The Central Bank of Nigeria (CBN) began warning bank accounts in response to the hack and in an attempt to arrest the perpetrators.

Cryptocurrencies are not recognized by CBN as legal tender. In February 2021, CBN banned commercial banks in Nigeria from engaging in any cryptocurrency transactions. CBN, in an effort to protect citizens from criminal cryptocurrency and fraud, insists Nigeria's financial system and banking sector will not be connected to crypto trading.