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The CEO of Patricia Exchange declares a debt restructuring through convertible notes.

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Fejiro Hanu has also disclosed that entrusted management of the shares will be vested in a trusted third party licensed by the Nigerian Securities and Exchange Commission, ensuring absolute transparency.

In the wake of the launch of Patricia Token (PTK) by Patricia, a prominent Nigerian cryptocurrency exchange, CEO Fejiro Hanu has announced a unique opportunity for customers to convert their outstanding debts into Patricia shares.

According to a statement from Hanu, this strategic move is integral to the company’s fundraising and debt restructuring efforts. In anticipation of the upcoming relaunch of the Patricia app and the forthcoming fundraising campaign, users are offered the opportunity to transform their debt tokens into convertible notes at a favorable discount within the Patricia platform.

Hanu further revealed that these shares will be diligently overseen by a trusted third party licensed by the Nigerian Securities and Exchange Commission (SEC), ensuring a transparent and secure process.

However, not all users are content with this development. A video circulating on X (formerly known as Twitter) showcases disgruntled users congregating at one of the company’s office locations, demanding the return of their funds.

In a conversation with Cointelegraph, Hanu dismissed the video’s accuracy, labeling it as misleading and mischievous. He clarified that the office in the video serves as an innovation hub, established in 2022 to offer free workspace to developers and crypto enthusiasts. Patricia’s operational activities are entirely remote and do not originate from that location.

When inquired about the resolution for users encountering difficulties in withdrawing their funds, Hanu mentioned that the Patricia app is poised for a relaunch and is currently undergoing beta testing. He added that select customers have been invited to test the app before its public release, and some are already redeeming their Patricia Tokens (PUTX), which serve as the exchange’s internal debt management tokens.

Hanu also disclosed that Patricia users will receive notifications about the phased redemption of their balances once the company resumes full operations.

This development follows the company’s prior revelation of a security breach in May 2023, which resulted in fund losses. While the company claimed that customer funds remained untouched, users have continued to face challenges in accessing their assets since April.

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