Patricia Technologies Refunds Customers After System Breach

To manage customer expectations and keep faith with its avowed commitment to customers, Patricia Technologies Limited, a cryptocurrency company, has announced a two to five-year repayment regime for all customers who lost money following the recent breach of the company’s platform by some high-profile hackers, some of whom are now in police custody.

Patricia Technologies said the new repayment regime is a careful sequel to the company’s repayment exercise launched on Monday 20, November 2023.

The company further explained that this phased repayment regime would give the business and the Police the needed latitude to recover stolen funds from the arrested suspects and enable the business to mass up some revenue from the continued use of the reinforced Patricia App.

“To manage expectations, Patricia Technologies estimates a repayment plan spanning two to five years. The commitment is to ensure that every customer receives their full and final rightful payments within this timeframe, underscoring the company’s determination to persist until all of its financial obligations are fulfilled,” the statement read in part.

Patricia Technologies also hinted that it has worked on a best-in-class technological solution to prevent a repeat of the recent breach. “To streamline transactions and fortify security, Patricia Technologies is redesigning the Patricia Plus platform. The AI-enabled system, scheduled to go live by Q2 2024, aims to offer a simpler, more efficient user experience while reducing operational burdens,” the company further disclosed.

It would be recalled that Patricia Technologies Limited recently suffered a severe setback from a breach of its platform by suspected criminal elements, resulting in substantial asset losses to the company and customers.

The company acted swiftly and reported the matter to the cybercrime unit of the Nigeria Police Force, which in turn made a breakthrough in the investigation by arresting some suspects now set to be arraigned in court by June this year.

“Given the protracted process of apprehending the remaining suspects and recovering some of the stolen funds, we have considered it imperative to announce this tenured repayment schedule,” the company explained.

As attested by some affected company customers Patricia Technologies had indeed made good on its promise by commencing repayment to affected customers on Monday, 20 November 2023.

The firm however, said, its decision to spread out the repayment tenure carefully is to make room for “the outcome of recovery efforts by the Nigeria Police and inbound revenue from trading on the reinforced Patricia app, all of which will contribute significantly to the needed funds for the planned payment.”

It said, “as a business, it is strategically shifting focus towards its business arm and OTC desk, citing positive traction in recent months. “We are transitioning from crisis to creation mode, emphasising value creation designed to enhance service delivery and expedite the return of customers’ lost funds,” the company said.