After Nigerian cryptocurrency exchange Patricia issued token PTK to users to manage user debt, the exchange’s CEO Fejiro Hanu said that users will now have the option to convert the funds they owe into Patricia shares. The shares will be managed by a trusted third-party trustee licensed by the U.S. Securities and Exchange Commission (SEC) to ensure complete transparency.
According to the CEO's statement, this process forms an integral part of the company's financing and debt restructuring strategy. The company is expected to relaunch its app soon and prepare for its fundraising plans. (Cointelegraph)
According to previous news, Patricia revealed in May that it had been hacked. Subsequently, Patricia unilaterally converted user funds into new stablecoins, raising concerns about an exit scam. Patricia subsequently raised an undisclosed amount of money to fund its compensation program for users affected by the May hack.