Nigeria: Patricia exchange raises exit scam fears after converting user funds to native token

? Scam suspicions have befallen Nigerian platform Patricia after the launch of PTK, a native token to supposedly rectify loss suffered from its prior hack— despite unresolved details concerning the hack such as the date, amount, and the lack of reporting to authorities. An assessment of its security has further mars its reputation: the new token PTK is not an on-chain secured token but a debt-based instrument managed by the platform itself, and expected to be gradually released according to the platform’s future profitability. Many visibly expressed their discomfort to this impending approach via social media, alluding to it as a potential exit scam. This comes as no surprise, especially as Africa based scams, such as malicious cryptocurrencies like Africrypt, recklessly robbed multiple folks of vast amounts of investible asset since years prior.

Robert Wilson author
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