RATE Group | Users of Nigeria-Based Cryptocurrency Wallet Lose $1 Million in Exit Scam
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Users of Nigeria-Based Cryptocurrency Wallet Lose $1 Million in Exit Scam

27 Sep Users of Nigeria-Based Cryptocurrency Wallet Lose $1 Million in Exit Scam

Posted at 18:02h in Cryptocurrency News by

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Nigerian cryptocurrency wallet Satowallet has allegedly made a $1 million exit scam, while the company cites an unclear OVH data server error that has kept user funds in uncertainty.

Users first reported withdrawal problems in April 2019, before Satowallet started citing different versions of events to account for their user’s failure to withdraw more than $1 million in crypto, according to a report by the Financial Times on September 25.

After the initial complaints, the crypto wallet firm reportedly cited technical issues as the source of a temporary problem, which came in the middle of the company’s plans to unveil a new crypto exchange called SatowalletEX.

Users were unable to access their digital assets at the time, and Satowallet reportedly blamed a group of scammers on Telegram whom the firm alleged took advantage of the maintenance session and stole user funds.

Satowallet later claimed to have closed the loophole, only further face another issue that…

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