TechFlow reported, according to Cointelegraph, that Nigerian cryptocurrency exchange Patricia has issued tokens called PTK to users as a means of managing user debt. Following this, CEO Fejiro Hanu stated that users can now opt to convert the funds owed to them into shares of Patricia. According to the CEO's announcement, this process forms part of the company’s financing and debt restructuring strategy. The company is expected to relaunch its application soon and prepare for its fundraising initiative, offering users the opportunity to convert their debt tokens into convertible notes at a discounted rate. He also revealed that these shares will be held in trust by a reputable third party licensed by the U.S. Securities and Exchange Commission (SEC) to ensure full transparency.
Earlier, Patricia disclosed in May that it had suffered a hack. Subsequently, the platform unilaterally converted user funds into a new stablecoin, sparking concerns of an exit scam. Later, Patricia raised an undisclosed amount of funding to support a compensation plan for users affected by the May cyberattack.
