According to blockchain security firm Peck Shield, December 2024 saw the lowest number of crypto hacks, with 25 incidents resulting in $24.69 million in losses, a 71% decline from November. Notably, Nigerian crypto exchange Patricia experienced a security breach in April 2023, losing approximately $2 million in customer assets.
Established in 2017, Patricia is a foremost crypto exchange in Nigeria credited with boosting crypto adoption in the country following its sponsorship of Big Brother Nigeria (BBNaija), Season 6, in 2021. However, the crypto exchange faced a challenging period after being hacked in 2023, resulting in significant financial losses. This crypto-exchange hack affected both customers and the team. With support from law enforcement agencies, the Patricia CEO, Hanu Fejiro Agbodje, asserted that the crypto exchange has been implementing a recovery process that would see affected customers refunded.
Patricia is committed to 100% refund to affected customers
In an exclusive interview on Channels TV’s Business Incorporated with Ladi Williams on Thursday, Agbodje emphasized Patricia’s commitment to refunding 100% of the lost funds to all affected customers, regardless of any outcome of ongoing court processes and recovery efforts by law enforcements. He expressed optimism about the crypto industry’s potential in Africa and Nigeria, believing that opportunities abound and that Patricia will recover from past losses.
Reportedly, Patricia has made great progress regarding refunds, making payments to customers in December and substantial refunds throughout 2024. This demonstrates the crypto exchange’s dedication to fulfilling its commitment to customers.
Agbodje asserted that the case is still in court and that although the justice system is slow, Patricia remains committed to refunding customers affected by the crypto exchange hack. Regardless of the result of the court process eventually, the CEO assured that Patricia would refund customers by leveraging opportunities available to it in the ever-growing crypto industry.
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The 2023 hack suffered by Patricia crypto exchange was largely due to insider involvement, says Agbodje; assures users of improved security.
In the interview, Agbodje pointed out that the hack suffered by the Patricia crypto exchange in 2023 was not solely a technological error but also involved human factors, including insider involvement.
“We had very good security at the time, but definitely, there were some loopholes in our system that they were able to exploit, also with some insiders as well,” he explained.
The 2023 hack resulted in a loss of approximately $2 million worth of customers’ assets.
However, Agbodje assured that the company has since strengthened its security measures to prevent similar incidents in the future. “We’ve thought through our security, and our customers are very happy with the service,” he stated.
Agbodje emphasized the importance of customer trust and security in the crypto industry. “Customer trust is the biggest thing in our industry… Security is top-notch. We go through security audits frequently to ensure that the platform is top-notch,” he said.
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Crypto exchanges should have reserve funds in cases of unforeseen breaches–Agbodje
The Patricia CEO also highlighted the need for crypto platforms to have a reserve fund in place to reimburse customers in case of unforeseen security breaches.
“It’s really about creating a reserve fund, so in the case of an unforeseen circumstance, you have assets to reimburse customers,” Agbodje advised.
With the improved security measures in place, Agbodje expressed optimism about the future of crypto in Nigeria and beyond. “It’s going to be a bull year for crypto, and it’s going to be the best time to hold crypto as an investor,” he predicted.
2025 projected tol witness a crypto boom on the back of a pro-crypto Trump presidency
Agbodje further reflected on his predictions for 2024, including the rise of ETFs and bitcoin market capitalization reaching $2 trillion. He forecast that 2025 will witness significant growth in the crypto market, driven by a more pro-crypto America under Donald Trump’s presidency.
Agbodje also predicted the launch of the first bitcoin reserve in the US, with Nigeria following suit, building on the country’s crypto legislation introduced last year. He emphasizes the importance of establishing a bitcoin reserve, akin to gold and dollar reserves, to unlock prosperity and position Nigeria as a leader in the digital asset class.
On a retail level, Agbodje predicts a continued bull run for crypto, with bitcoin potentially reaching $180,000 by year-end, making 2025 an ideal time for investors to hold crypto assets, as well as Solana. Not financial advice.
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Victor Solomon is a crypto analyst at Crypto Asset Buyer (CAB). Over the years, Victor has gained valuable expertise in market analysis, risk management, and community management within the cryptocurrency ecosystem. The founder of Soluvic Crypto Hub, a crypto community where he equips newbies in the space, Victor’s mission is to empower individuals to uncover opportunities and safely navigate risks in the blockchain industry. Victor’s academic foundation includes a BSc. (Ed) in Mathematics, a credential that underpins his strong analytical and problem-solving abilities. Currently, he is expanding his technical expertise as a Software Development student at Brigham Young University. He is an Ex African Manager of Newscrypto..
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