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Fraud Alert: Nigeria-Based Crypto Wallet Pulled-Off a $1 Million Exit Scam

Fraud Alert: Nigeria-Based Crypto Wallet Pulled-Off a $1 Million Exit Scam

Fraud Alert Nigeria-Based Crypto Wallet Pulled-Off a $1 Million Exit Scam-techcryption

Satowallet, a Nigerian crypto wallet platform, has allegedly performed an exit scam as reported in Financial Times on September 25th. Users have lodged first withdrawal delays and hiccups in April 2019 with the firm claiming various technical issues to be the reason of disappeared users’ fund amounting over $1 million worth of money. 

The platform then went offline in August, which further disturbed the users due to its inaccessibility. Satowallet’s CEO claimed that all eight of its servers which includes wallets nodes, app, and website were down, and he instantly contacted OVH.com’s datacentre where they had its dedicated servers to fix the issues. 

However, it is found that coins were no longer available in the platform from the backups and private keys after the installation. Satowallet then proceeded to blame OVH of fraud and attempting at stealing its servers. The question is whether Satowallet is telling the truth, can they be trusted and who can be held accountable on this issue?

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Satowallet was founded in May 2017 and claimed to be based in Dubai with its parent firm, Blockchain Tech Hub operating from Abuja, Nigeria. The firm is known as a multi-wallet as well as crypto exchange platform that holds over 60 cryptocurrencies with major coins like Bitcoin, Ether and Litecoin.

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