Not long ago, Patricia CEO – Fajiro Hanu Agbodje informed all customers and potential customers through Newsletter about the company relaunch event that took place on Friday 29th, September, 2023. In the email, Hanu explained that the event will be a place to get exclusive updates on Patricia Relaunch, and the Patricia Blockchain Tokens (PTK).
This is a quick reminder of our special townhall session today from 1-2 p.m. WAT. Join us to get exclusive updates on our Relaunch, the Patricia Token, and why we need YOU on board!
Get ready for an epic discussion, updates, exciting announcements, and a chance to have your voice heard 🗣
Don’t miss out on this epic event. Join us! – Fajiro Hanu Agbodje’s Message.
In the event, Patricia’s PTK Fundraising was unveiled, and frustrated customers seek answers amid Cyberattack Fallout. Although, the crypto firm has already embarked on the journey of the fundraising campaign weeks after converting customers’ assets into its Patricia Token (PTK), hoping to address the concerns of its affected user base.
Patricia is a Nigeria-focused crypto platform. The fintech recently announced the loss of $2 million worth of customer assets to a cyberattack last year; a setback that has left many questioning its commitment to repayment. In this blog post, we delve into Patricia’s recent actions, the reactions of its customers, and the challenges it faces in rebuilding trust.
A Controversial Conversion with Patricia
Last month, Patricia made a bold move by converting its customers’ remaining assets into a debt management token called the Patricia Token. This sudden decision sparked outrage among users, prompting the company to provide a detailed explanation of the token’s purpose.
However, Patricia admitted that its repayment plan hinges on the platform’s profitability, without specifying a timeline for financial stability.
The Road to Redemption
With its latest fundraising efforts, Patricia aims to secure the necessary capital to repay its frustrated customers. During a virtual town hall meeting, Hanu Fejiro, the company’s CEO, announced that Patricia had secured some funding, although specifics were not disclosed. He assured users that the first set of customers would receive their full refunds once the Patricia Plus app relaunches.
Interestingly, Seun Dania, founder and CEO of the crypto firm TradeFada, recently announced an undisclosed investment in Patricia. While this demonstrates some external support, many customers remain skeptical.
Despite Patricia’s efforts to address the situation, customers remain dissatisfied. The Patricia Plus app, initially launched in April, caused a bank run when customers rushed to withdraw their funds following the cyberattack revelation. To manage the situation, Patricia temporarily froze withdrawals, leaving customers unable to access their assets.
Legal Concerns and Mistrust
Patricia’s decision to unilaterally convert customer assets into tokens raised legal concerns, further eroding trust. While the company hopes to use these debt management tokens to repay customers, a lingering sense of mistrust, stemming from the delay in disclosing the breach, remains a significant hurdle.
Customers Demand Clarity
Customers are demanding transparency and a clear timeline for fund withdrawals. Many are frustrated by the lack of communication regarding when they can expect to regain access to their funds. Some have even suggested taking legal action or staging protests to compel Patricia to address their concerns promptly.
Patricia’s recent fundraising efforts represent a crucial step in its journey to rebuild trust with its frustrated customer base. However, it faces an uphill battle, with many users seeking answers, transparency, and a clear path to recovery.
Related Article: Smishing Attacks; How to Protect Yourself against SMS Fraud.
Patricia must work diligently to regain the confidence of its customers and provide them with the reassurance they need in these challenging times. Only time will tell if Patricia can successfully navigate this crisis and emerge stronger on the other side.