Jinse Finance reported that Nigerian cryptocurrency exchange Patricia announced the launch of its own native token, a USD-pegged stablecoin called Patricia (PTK). However, the launch drew more skepticism than applause among the local cryptocurrency community. Prior to this, the company disclosed a security breach in May 2023 that resulted in the loss of funds. Despite claims that customer funds were not affected, platform users have been facing difficulties accessing funds since April.


Local cryptocurrency community members highlighted in the post that there are some worrying signs of Patricia’s introduction of PTK. The token does not exist on major cryptocurrency aggregators such as CoinMarketCap and Coingecko. If customers initiate withdrawals in large numbers, a surge in withdrawals could cause PTK to lose its peg, potentially leaving those unable to withdraw their funds in limbo.
As previously reported, crypto trading platform Patricia converts user funds into the PTK stablecoin.
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