What is Patricia Token (PUTX)?
Ans: The Patricia Token is an internal token that serves as a debt management token for affected assets lost during the exposure we suffered. Its value does not fluctuate, rise, or fall; its value is pegged against the USDT and would be backed by the USDT .
Why Patricia Token?
Ans: We were victims of a security, and assets were lost, which included some customers' funds. Patricia Token is a Debt Instrument that ensures that all Customers' assets remain accounted for and initiates the road to asset recovery.
Is my Patricia Token(PUTX) a stable token, or influenced by the general market (dollar) rate?
Ans: The Patricia Token is pegged to a stable coin, the USDT. Currently, it will only be available to customers who have completed the asset validation process.
Can I withdraw my Patricia Token for Naira?
Ans: Your Patricia tokens can only be converted to USDT, which you can immediately convert to USDT on-chain. Like any other coin, you can decide to trade your USDT for Naira, BTC, etc.
Where is my Patricia Token(PUTX) stored?
Ans: PUTX is stored in a dedicated wallet, alongside other Crypto and Fiat assets. The balance mirrors the dollar value of the converted assets.
Which of my assets are converted to Patricia Token?
Ans: All affected assets from the previously announced hack are those that were pegged to the Patricia token (BTC, USD, and Naira). Every other asset
What happens to the other assets?
Ans: Other assets like Eth, DOGE, XRP, USDT, etc. will NOT BE CONVERTED to Patricia tokens; they will be available for use on your App once we relaunch.
What rate is used to convert my assets to Patricia Token.
Ans: The assets will be converted to Patricia Tokens at their respective trading rates as on 29th April 2023.
Will subsequent BTC assets be converted to Patricia Token?
Ans: No, subsequent BTC assets will not be converted to Patricia Token.
When Can I Make Use of Patricia Tokens?
Ans: Users would be able to see the total amount available for withdrawal in their balances. Whatever Patricia tokens are in the available balance can be converted to USDT. Customers who have filled out the Asset recovery form would be prioritized for withdrawals once the app relaunches. On a month-on-month or quarterly basis, more balances would be made available through the tokens.
Were customers informed about Patricia Token?
Ans: Since informing the public of the Cyber breach, we’ve been in constant communication with our customers and stakeholders. Over the past two months, we have had town halls and created focus groups with customers. The last two town halls were held on June 9 & August 10, respectively.
Are we the first to do this?
Ans: It is quite common practice in the Crypto community, For companies to issue tokens to compensate for losses, BItfinex issued BFX tokens, DAO Maker Issued DAO Tokens, Kucoin issued KCS tokens, Upbit, Gate.io all did same
What happens to other assets? Will subsequent Crypto assets be converted to Patricia tokens?
Ans: No, subsequent Crypto assets will not be converted to Patricia tokens.
What happens if I keep my Patricia Token in my wallet?
Ans: Your Patricia Token can only be kept in your Patricia Token wallet, and the value is still pegged to USDT at a 1:1 rate.
What can I do with my Patricia Token?
Ans: You can trade your available Patricia Token for USDT and you can do anything the system allows with USDT. You can convert your Patricia token to USDT. You can use your stable coin however you chose. You can sell, withdraw or spend for Fiat.
What differentiates available balance and book balance?
Ans: The book balance is the total of converted crypto assets that is owed to you by Patricia. Available Balance is the total Patricia Token users have available to use instantly.
How can I have access to my Patricia Token wallet?
Ans: Users would be able to access their Patricia Tokens, when we relaunch.
Will the Patricia Token ever get to zero?
Ans: No, the Patricia Token can never be equal to zero, we would be backing up every Patricia Token with USDT.
How is Patricia Token managed?
Ans: Patricia Token is not on-chain, it is an internal token used to represent debt and it would be managed by Patricia. The balance will mirror the dollar value of the converted assets.
Can I purchase Patricia Token with other assets?
Ans: No, Patricia Token, cannot be bought, it is a debt instrument. Used to hold the Debt Patricia we owes customers. For now, it is only issued to customers with affected balances, it cannot be bought with other assets.
Can I opt out of converting my assets to Patricia token?
Ans: Certainly. Only assets in BTC, Naira, and USD are automatically converted to Patricia Tokens. For all other assets, there's no conversion to Patricia Tokens. Once converted, all of you available Patricia Tokens can be readily changed to USDT, which can then be swapped or converted to your desired fiat currency, ensuring flexibility and ease in your transactions.
What is the timeline for retrieving the full value of Patricia tokens and converting my assets to cash?
Ans: We are diligently working to ensure a seamless retrieval process for Patricia tokens. While we cannot provide a definitive timeline currently, rest assured, our priority is to keep you informed and updated every step of the way. Your trust and patience are highly valued.