Nigerian cryptocurrency exchange Patricia agrees to convert user debts into equity

ChainCatcher news, according to Cointelegraph, after the Nigerian cryptocurrency exchange Patricia issued tokens PTK to manage user debts, the exchange's CEO Fejiro Hanu confirmed that customers can now choose to convert their owed funds into Patricia shares. These shares will be managed by a trusted third-party trustee licensed by the U.S. Securities and Exchange Commission (SEC) to ensure complete transparency.

It is reported that Patricia disclosed a security incident in May 2023 that led to financial losses. Although it claimed that customer funds were unaffected, platform users have been struggling to withdraw from the exchange since April.