Cryptocurrency Platform Has Been Hacked And Stops Withdrawals

Hacker works on his computer.  Half way through the journey.
Hacker works on his computer. Half way through the journey.

a Patriciaa Nigerian cryptocurrency trading platform, has announced that it was the target of a hacking attack that compromised its Bitcoin assets.

While claiming that other cryptocurrencies and client funds remained unaffected, the platform opted to suspend withdrawals as a precaution during a period of internal restructuring.

The company did not release details about the size of the compromised assets, but said it has identified a person involved in the hack in collaboration with authorities.

The company said it was working closely with police and other authorities to recover the affected assets.

Since the suspension of withdrawals on the platform, users have taken to Twitter to express their concerns and citing the issues caused.

reports from users
reports from users

However, Patricia reiterated her commitment to continuously improving the platform’s security measures, aimed at protecting users’ assets and trust.

Hacker identified, company says

According to reports, the identification of a specific hacker within the group responsible for the breach occurred through the compromised assets. Most of these assets were related to that person, making it easy to identify.

To further strengthen the platform’s security, Patricia decided to hire a security company to do a full audit.

The company said once it has the necessary clearances to resume operations, customers will be able to withdraw their funds as normal.

Importantly, in February, another Nigerian fintech, Flutterwave, also suffered a similar incident resulting in an alleged loss of 2.9 billion naira (equivalent to $6.3 million).

In response to this attack, the Central Bank of Nigeria (CBN) has stepped up its bank account monitoring measures to apprehend those responsible.

It is worth noting that Nigeria does not consider cryptocurrencies to be legal tender. In February 2021, the country’s central bank banned Nigerian commercial banks from transacting with cryptocurrencies, aiming to combat fraudulent and illegal activities associated with the black market.

This ban decoupled the financial system and banking sector from cryptocurrency trading.

Faced with the challenges she faces, Patricia said she is committed to implementing enhanced security measures to protect her users and strengthen trust in the platform.

The company said it is determined to get over this incident and ensure that its customers can continue to use its services safely and with peace of mind.

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Source: Live Coins

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