RATE Group | Crypto staking wallet offers 1.5% daily returns: Ponzi in progress?
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Crypto staking wallet offers 1.5% daily returns: Ponzi in progress?

20 Apr Crypto staking wallet offers 1.5% daily returns: Ponzi in progress?

Posted at 16:55h in Cryptocurrency News by

A cryptocurrency staking app which offers 1.5% daily returns might be a Ponzi scheme related to one that exit-scammed two years ago.

A cryptocurrency staking wallet that offers users as much as 1.5% daily returns is bearing striking resemblance to a Ponzi scheme.

That’s according to a Medium article published on April 19 by Jan Kowalski which warns readers to steer clear of an app known as StakedWallet. The website offers Proof-of-Stake “investment opportunities” wherein the user’s daily payout increases the longer they keep their funds staked.

Staking payouts begin at 0.6% per day, and increase to 1.5% after nine months. Seemingly effortless daily returns such as these have been a hallmark of almost all well-known cryptocurrency scams in the past, including the infamous BitConnect.

At first glance the app appears to have overwhelmingly positive reviews on both Google Play and the App Store, as well as Trustpilot. However, closer inspection of the…

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