Patricia Faces Backlash Over Asset Conversion: Customers Demand Their Crypto Back

by Ikem Emmanuel
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Nigeria’s cryptocurrency trading company, Patricia Technologies, finds itself embroiled in controversy as it attempts to convert its customers’ assets into equity shares in the company. However, many customers have vehemently rejected this proposal, viewing it as a potential loss of their hard-earned money. Here’s a summary of the unfolding situation:

Customer Opposition

Some Patricia Technologies customers have expressed their strong opposition to the company’s attempt to convert their assets into Patricia Coin, an in-house cryptocurrency. They have received offer letters explaining this conversion, but they refuse to sign them, concerned that it could result in their funds being locked away.

Allegations of Fraud

Despite Patricia Technologies’ assertion that their system was hacked earlier in the year, resulting in the loss of approximately N2 billion in customer assets, customers are crying foul. They accuse the company of fraud and are demanding the return of their original assets.

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Planned Protest

A group of customers is planning a peaceful protest in Lagos to voice their demands for the return of their crypto assets. Despite the company’s efforts to dissuade them from going ahead with the protest, they remain steadfast. They argue that waiting for potential investors is no longer an option, and they can’t afford to delay any further.

The Offer Letter

The offer letter presented to customers by Patricia Technologies is titled ‘Offer to Convert Debt to Equity in Patricia Technologies Limited.’ In it, the company’s founder offers customers the option to convert their debt in the company to equity, effectively making them shareholders. The customers are given seven days to accept the offer.

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Company’s Response

Patricia Technologies, in a statement, denied a viral video’s claims that it vacated an office due to debt issues. The company clarified that it operates with a fully remote structure and no longer has a physical office in Nigeria. It also expressed regret for the inconvenience faced by its customers and pledged to resolve the issue.

The Backstory

Earlier this year, Patricia Technologies converted customers’ cryptocurrency and cash assets into Patricia Token without their consent. The company explained this move in a white paper, attributing it to a cyberattack that resulted in asset losses. They introduced the Patricia Token as a promise to pay holders 1 USDT for each token in the future, aimed at recovering the lost assets and addressing the security breach’s impact.

The situation between Patricia Technologies and its customers underscores the complexities of the cryptocurrency world and the challenges associated with safeguarding digital assets. It also highlights the importance of transparency and trust in the cryptocurrency industry, especially when dealing with sensitive matters such as asset conversion. The upcoming protest in Lagos is a clear demonstration of the strong feelings and demands of the affected customers.

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