A cryptocurrency exchange accused of embezzling and stealing users’ money
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Answer A cryptocurrency exchange accused of embezzling and stealing users’ money
The cryptocurrency market is full of scams, and each process differs from the other in its terms and details.
Recently, Nigerian users suffered from a wallet and trading platform called “Satowallet” that was accused of fraud and theft of its users’ funds.
The fraud and theft of wallet users’ money did not happen overnight, but rather the operation was planned in advance.
Since last April, some problems related to withdrawals and some other complaints began to appear frequently on Telegram from users suffering from withdrawal problems.
to advertise Wallet management that the problem is temporary and that the defect lies in problems at the level of the hosting server.
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The CEO of Satowallet blamed OVH.com, which provides hosting for the wallet, and said most of the problems are with it.
Satowallet first appeared on the crypto market scene in May 2017 and is run by Nigeria-based Blockchain Tech Hub according to some sources.
Other sources indicated that the platform is managed from Dubai, United Arab Emirates.
The encrypted digital wallet supports 60 encrypted digital currencies, including the most famous currencies (Bitcoin, Ethereum, Bitcoin Cash, Litecoin) in addition to providing cryptocurrency exchange services.
According to Satowallet, which claimed that the wallet was hacked and that hackers took advantage of the chance of the wallet getting into technical problems.
Then she said that all bugs were fixed and all technical issues were fixed and she asked users to verify KYC on her platform which was taking a long time to complete.
It seems that the company was running away and working to gain time until it disappeared permanently last month.
The CEO of Satowallet stated that the eight servers that hosted the wallet and its services disappeared, after which the OVH center and service provider were contacted and the wallet was returned, but without the users’ cryptocurrencies.
Read:This is how someone lost the title of “Dogecoin” millionaire because it was not sold! The full story is here
And now the accusation remains against Satowallet that it carried out a theft and deceived its users, and that from the beginning it was intended to do so.
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