Patricia Exchange Sparks Exit Scam Fears: Nigerian Crypto Industry at Risk

• Nigerian cryptocurrency exchange Patricia recently launched a native token, PTK, raising suspicions of an exit scam.
• Tensions had already been mounting due to a data breach that compromised user assets and the sudden, unannounced release of the token.
• Users are voicing grievances as their funds remain inaccessible, further fueling doubts about the legitimacy of the new token.

Nigerian Cryptocurrency Exchange Patricia

Nigerian cryptocurrency exchange Patricia has quickly established itself as a leader in the nation’s crypto industry, offering various trading and investment services to millions of users. However, tensions have been mounting as they recently launched their own native token called PTK – a stablecoin pegged to the US dollar – without any transparent documentation or prior announcement.

Data Breach Compromises User Assets

On May 26th, 2023, the exchange revealed that it had fallen victim to a major security breach resulting in lost assets and funds. Although details remain scarce and only BTC and naira were affected while other cryptocurrencies remained safe – withdrawals were suspended to facilitate restructuring and recovery of lost assets – users continue to voice grievances claiming their funds are inaccessible.

Suspicious Factors Point To Potential Exit Scam

The sudden launch of PTK has raised skepticism among users and local industry enthusiasts due to its lack of transparency. As questions linger around what happened with user funds during the data breach incident combined with this unexpected token launch, many fear Patricia may be attempting an exit scam.

Potential Repercussions For The Nigerian & African Crypto Industry

If suspicions prove true it could have dire repercussions for both Nigeria’s crypto industry specifically but also Africa’s more broadly speaking as trust is key when it comes to crypto exchanges thriving in any region or country.


As events unfold surrounding Patricia’s native token launch, users await answers regarding their assets‘ safety with bated breath while potential repercussions loom on the horizon for both Nigeria’s and Africa’s crypto industries should these fears come true.