Fejiro Hanu, the CEO of Nigerian cryptocurrency exchange platform Patricia, has vehemently dismissed rumours circulating about the imminent closure of the exchange amidst ongoing challenges related to customer fund loss.
In a recent statement posted on his X (formerly Twitter) account, Hanu refuted the growing speculation, citing the tendency for negative news to overshadow positive developments, thereby leading to misconceptions about the exchange’s status.
Hanu pointed out the role of various media outlets, blogs and social media influencers in perpetuating clickbait headlines and misinformation, lamenting the rapid spread of false narratives about the exchange’s closure.
Despite facing scrutiny and challenges, Hanu expressed his commitment to addressing the situation and not yielding to online harassment, while extending apologies to the platform’s users for any concerns raised.
The exchange, recognized as Nigeria’s leading platform of its kind, has been the subject of closure rumours despite no official announcement indicating such a decision.
Despite the Nigerian government’s strict stance on cryptocurrencies, several crypto exchanges have emerged in the country.
Last year, Patricia faced significant scrutiny following the admission of a $2 million customer funds loss attributed to an alleged security breach, later linked to former Nigerian gubernatorial candidate Wilfred Bonse.
Bonse was apprehended in connection with the exchange breach. Hanu expressed relief at the arrest, hinting at potential trust restoration.
However, recent commentaries have suggested that the exchange could be on the verge of collapse.
In response to the incident, Ezra Olubi, the co-founder and CTO of Paystack, expressed scepticism, casting doubt on the exchange’s narrative and suggesting potential misappropriation of customer assets for extravagant spending before alleging a hack.
