Nigerian Crypto Trading Platform Unilaterally Converts User Funds to New Stablecoin — Move Sparks Exit Scam Fears
A Nigerian crypto trading platform, Patricia, announced on Aug. 18 that it had converted users’ outstanding funds to its U.S.-backed stablecoin known as “Patricia Token.” Some social media users have slammed the crypto trading platform’s unilateral decision to convert customer funds. Some critics have characterized the conversion of user funds as the Patrica team’s attempt to exit scam users. $2 Million Reportedly Lost in Hacking Incident The Nigerian gift card and crypto trading platform, Patricia, recently converted user funds to a stablecoin known as patricia token (PTK). According to a report, the decision to convert user funds was made unilaterally and just over three months after Patricia reportedly lost $2 million in an apparent hacking incident. Say hello to stability, innovation, and your ticket to a seamless financial journey. pic.twitter.com/F0Q8G6eFJ3 — Patricia (@PatriciaSwitch) August 18, 2023 As reported by Bitcoin.com News in May, the crypto platform was bre