TechFlow News, according to Cointelegraph, after the Nigerian cryptocurrency exchange Patricia issued tokens PTK to users to manage user debts, the exchange's CEO Fejiro Hanu said that users can now choose to convert the funds owed into Patricia shares. According to the CEO's statement, this process constitutes an integral part of the company's financing and debt restructuring strategy. The company is expected to re-launch the application soon and prepare for its fundraising plan. It offers users the opportunity to convert their debt tokens into convertible notes at a preferential discount from Patricia. He also revealed that the shares will be managed by a trusted third-party trustee licensed by the U.S. Securities and Exchange Commission (SEC) to ensure full transparency.
Previously, Patricia revealed that it had been hacked in May, and then unilaterally converted user funds into new stablecoins, raising concerns about an exit scam. Patricia subsequently raised an undisclosed amount of funds to fund its compensation plan for users affected by the May hack.
