Embattled crypto exchange Patricia secures funding to repay some of its debt

Controversies and questions still trail the company’s move to manage a security breach it had suffered and repay its customers’ lost funds.

Embattled crypto exchange Patricia secures funding to repay some of its debt
Design by Samuel Ojo for Mariblock. 

Hanu Fejiro, the CEO of the embattled Nigerian crypto exchange Patricia, revealed a promising development. The company has secured a substantial undisclosed investment and plans to use this funding to pay off its debts. 

The details 

  • In an online town hall meeting with its customers, Fejiro made assurances that the first set of its users would receive their money once the new app, Patricia Plus, reopens. 
  • Fejiro did not, however, disclose the amount of funds the company secured. Instead, he alluded to an earlier announcement from the CEO of the crypto firm TradeFada, Seun Dania, that he has invested in Patricia. 
  • In a social media post, Dania announced two months ago that he was investing an undisclosed amount of money in Patricia. 
  • According to Fejiro, the investment raised from Dania would be targeted at redeeming its debt token, Patricia Token. He added that the company hopes to pay “a large chunk” of what it owes when the app relaunches. 

Key quote 

  • Fejiro said: 
“We have been able to raise some money … Another crypto founder invested in Patricia, and we have been able to use that money to even shore up the debt that we have to repay.” 

Quick Catch up 

The controversies  

  • While Patricia says it is trying to regain its customers’ trust, questions and controversies continue to trail the company’s actions. 
  • The company refused to disclose the amount it had raised in funding and how much would be used to repay customers. 
  • In addition, several users took to the company’s page on the social media platform X to express their displeasure and make their grudges known.