Friday, September 25, 2020

Nigeria based crypto wallet pulls of exit scam worth $1 million

The Takeaway:

Nigeria crypto wallet company Satowallet has been involved in an exit scam worth $1 million. The company claimed scammers on Telegram had stolen the funds of users when their website was under maintenance. Satowallet went offline in August, and when restored, all the coins had vanished.

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Nigeria based cryptocurrency wallet Satowallet has been reported to be in involved in an exit scam worth $1 million. The company was launched back in 2017. According to an International Business Times report, the company has blamed the scammers on Telegram messaging platform for stealing users’ funds during their maintenance period.

The wallet’s users started to report issues in April that they were not able to withdraw funds. But the company did not do much to resolve those issues. Later the company’s executive promised to solve the technical problems that had halted users withdrawals.

In June, Satowallet implemented the KYC verification process for customers and claimed that they had resolved all the issues. But later in August, the company went offline. CEO of the company Samuell Ben, in a tweet, blamed their data center providers, OVH.com. He wrote that OVH used its power to suspend wallet’s medium account and failed to respond to their claims.


Earlier the company had also launched its exchange platform SatowalletEx. When the company restored its website, all the funds of users had vanished. And the CEO claimed that scammers on Telegram had stolen the funds while the site was under maintenance.  

Let us know in comments what do you think about the rise in crypto scams, and what measures people can take to avoid become victim of one?

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Glenn Harper
Glenn Harper
Glenn has only two interests: Bitcoin and Aviation. After completing his graduation from San Diego State University in 2006, Glenn started working in the airlines and aviation industry. Aviation was his only passion before he came to know about bitcoin in 2012 after which he decided to dedicate 8 hours of his day for aviation and 8 hours for learning and writing about bitcoin and the technology behind it. Glenn lives with his wife and a 7-year-old son who mines ethereum on his computer and is also quite passionate about cryptocurrencies.

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