Financial services technology firm, Patricia Technologies, has begun reimbursing its subscribers who were affected by a security breach on its cryptocurrency trading platform.
This was revealed in a recent statement from the firm.
Patricia Technologies experienced a major cyberattack in 2022, which resulted in the loss of depositors’ funds amounting to over N600m. Withdrawals were temporarily suspended as part of an internal restructuring to improve security measures and petitioned the Inspector General of Police to report the breach.
Earlier in the year, Patricia Technologies had requested a two to five-year repayment window to enable it to generate sizeable income from business operations and law enforcement recovery efforts for the purpose of repaying customers and consequently, rebuilding trust.
“We understand the impact this incident has had on our customers and we are delighted that the journey to restoration has finally started,” said the Chief Executive Officer of Patricia Technologies, Hanu Fejiro.
Fejiro maintained that the interests of subscribers remain Patricia’s top priority.
“This repayment process represents a milestone in the fulfilment of our commitment to making things right for them. We appreciate their patience, understanding, and trust in Patricia as we hope that this refund brings them joy during this festive period.”
Following an investigation by the National Cybercrime Center of the Nigeria Police, the Police recorded a breakthrough in the case with the arrest of some suspects in November 2023.
While the perpetrators of the cybercrime are currently being brought to book, Patricia Technologies said it has kept to its words by beginning the disbursement of funds to the first batch of affected subscribers as part of a phased repayment process. The repayment effort, which started on December 10, 2024, is expected to continue in the coming months. All affected users will receive their funds in subsequent batches.