While some Patricia customers lament unpaid balances as promised, the exchange says the next batch of payments is dependent on fundraising efforts and profitability

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November 21, 2023
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2 min read
Patricia CEO, Hanu Fejiro Agbodje, wearing a hoody with the Patricia logo on it/

The news:

  • Some Patricia customers are yet to receive access to their balance.
  • The company promised customers in October that the first batch of payouts would begin yesterday, November 20, 2023.
  • According to comments seen by Techpoint Africa in a WhatsApp group chat, only one customer has been able to make withdrawals from the crypto platform.

On October 24, 2023, crypto company, Patricia appointed DLM Trust to to begin the first batch of repayments to its customers on November 20, 2023, after it announced it was hacked in May 2023.

The next day, DLM Trust rescinded the appointment saying the phrasing of its agreement with Patricia as a partnership was a breach of the contract it had with the crypto exchange.

Patricia however assured customers that the repayment scheduled for November 20, 2023, will go on as planned.

However, many customers in a WhatsApp group chat have lamented the inability to withdraw their funds from the platform since the date stated for withdrawals.

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One customer has however been able to withdraw their Ethereum (ETH) asset as naira to a bank account.

Patricia's repayment plan

According to an email sent to customers, Patricia said customers will receive a prompt to convert affected assets to its dollar-pegged debt token PUTX. Conversions will be done based on the rates as of April 29, 2023.

The naira equivalent of the PUTX tokens will then be paid into the customer's primary bank account "for transparency and collaboration with audit and financial partners."

The email also said the first batch of customers to receive payments would be selected using a first-in, first-served method for users who filled out assets forms. It also said priority will be given to customers with low balances as they are more vulnerable during this period, it however, did not give a range of balances identified as low balances.

Patricia said the next batch of payments will be dependent on its fundraising efforts and the company's profitability.

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Techpoint Africa reached out to the company but didn't get a response at the time of this publication.

He's a geek, a sucker for Blockchain and an all-round tech lover. Find me on Twitter @BoluAbiodun1.
He's a geek, a sucker for Blockchain and an all-round tech lover. Find me on Twitter @BoluAbiodun1.
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He's a geek, a sucker for Blockchain and an all-round tech lover. Find me on Twitter @BoluAbiodun1.

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