Fejiro Hanu, the CEO of Nigeria's pioneering local cryptocurrency exchange, Patricia, has refuted rumors suggesting the closure of the platform, dismissing them as a tactic by the media to attract attention. He reassured users that the exchange remains operational despite challenges.

Expressing frustration in a statement on X, Hanu lamented the distortion of facts by media outlets, emphasizing that sensationalized narratives tend to overshadow positive news. He stressed the prevalence of sensationalism in media coverage, attributing it to the pursuit of higher viewership.

Patricia Technologies faced intense scrutiny following a hacking incident in May 2023, resulting in substantial losses of customer funds. While the company assured customers of the security of their funds, users encountered difficulties accessing them since April 2023. This ongoing issue fueled speculation about potential exit scams, causing anxiety among affected customers.

In response to customer concerns, Patricia took measures to convert the value of customer assets into its proprietary token, the Patricia Token (PTK), ensuring future reimbursement. By introducing PTK as an internal customer asset, the company aimed to uphold transparency and rebuild customer confidence amidst the security breach.

Patricia reaffirmed its commitment to reimbursing holders with 1 USDT token for each Patricia token, facilitating asset recovery post-breach. It clarified that PTK, while not on-chain, functions as an internal token representing debt and is managed by the company.

In his latest update on X, Hanu provided reassurance regarding Patricia's operational status and informed users of ongoing efforts by law enforcement agencies to address the situation. He highlighted the cooperation with major security divisions in the country and reiterated the company's dedication to resolving the matter.

Hanu disclosed that they are awaiting the prosecution and conviction of additional suspects implicated in the case, acknowledging the time-consuming nature of legal proceedings. He assured users of ongoing efforts to achieve resolution and emphasized the importance of proper legal procedures in addressing such matters.

In November 2023, a significant development occurred with the arrest of politician Wilfred Bonse in connection with the Patricia crypto wallet theft. The Nigeria Police Force (NPF) apprehended Bonse, alleging his involvement in stealing over 200 million naira ($246,153) from Patricia Technologies' crypto wallet.

The case against Bonse includes charges of criminal conspiracy, unauthorized alteration of computer systems and network data, and the illicit diversion of funds, as detailed in a petition submitted to the inspector general of police by the NPF.