Patricia, Nigeria’s prominent crypto trading app, is embroiled in controversy after unilaterally converting customers’ cryptocurrency and cash holdings into a newly introduced asset called the Patricia Token. This move, which occurred without obtaining explicit consent from users, has sparked outrage and concerns about the platform’s credibility.
In an attempt to explain its actions, Patricia released a White Paper citing a recent cyberattack that resulted in substantial asset losses. The company claims that the creation of the Patricia Token is an internal measure to address this crisis and reinforce trust. The token is meant to symbolize a pledge to reimburse holders 1 USDT per Patricia Token in the future, effectively establishing a mechanism for asset recovery.
However, this explanation has not quelled customers’ frustration. Many are voicing dissatisfaction with the company’s handling of the situation, describing the sudden conversion of their assets as suspicious and potentially fraudulent. They lament the lack of access to their original holdings and question the authenticity of the Patricia Token initiative.
Despite Patricia’s reassurances, customers remain skeptical. The absence of a concrete timeline for converting the Patricia Token back into cash compounds their concerns. The company acknowledges this concern but falls short of providing a definite timeframe for the process, leaving customers uncertain about the fate of their investments.
In response to the ongoing controversy, Patricia maintains that it is diligently working to facilitate the conversion of Patricia Tokens to cash. It acknowledges the value of trust and patience from its customers, promising to keep them informed throughout the process.
However, the lack of transparency in Patricia’s actions has left a doubt hanging, as customers grapple with the fallout of this unexpected and involuntary asset conversion.