Patricia Customer Repayment Plan Suffers Blow as DLM Trust Ends Partnership

Patricia, a Nigerian crypto company, is facing a setback in its plan to repay customer funds after its escrow trustee, DLM Trust, abruptly withdrew from the partnership. DLM Trust cited “multiple breaches in the terms and conditions of agreement and trust” as the reason for its decision.

This news comes just two days before Patricia’s virtual town hall meeting with customers to discuss the partnership. It also means Patricia will have a more difficult time convincing disgruntled customers who want access to their money after the trading platform lost $2 million in a hack last year.Patricia said in a statement that it was taken aback by DLM Trust’s abrupt decision to end the partnership without notice. According to the crypto company, it followed “all due processes, including fulfilling our financial commitments to consummate the contractual agreement.”

DLM Trust, on the other hand, has denied these allegations, claiming that Patricia “falsely presented DLM Trust as a partner.” In reality, the company was only acting as an escrow trust in the repayment of withheld customer funds totaling N2 billion.

DLM Trust has also stated that its business relationship with Patricia Technologies is not a “partnership,” but rather a simple escrow appointment. The company also stated that it is not affiliated with Patricia Technologies or any other digital currency companies.

Patricia’s customers are now in limbo, unsure when or if they will be able to access their funds. Despite DLM Trust’s withdrawal, the company has stated that it will continue with its repayment plan, but it is unclear how it will do so.

Patricia‘s reputation and credibility have taken a major hit as a result of this latest development. Since a $2 million hack last year, the company has been struggling to regain customer trust. The breakup of its partnership with DLM Trust is likely to erode customer trust even further.

It remains to be seen how Patricia will proceed with its repayment plan. However, it is clear that the company is facing a major challenge.