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 22:01h in Cryptocurrency News by

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 reviews shows them to be either incredibly vague, or lacking in logic.

One Gabriel Cătălin Baltac wrote on Trustpilot on April 19 that he had already made…

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