Satowallet reportedly possible exit scam

Posted 26 September, 2019

The cryptocurrency market participants have detected possible exit scam. The crypto wallet project Satowallet has been reportedly refusing from paying more than $1 million to its users citing different reasons.

According to the report by Finance Magnates, the project is located in Dubai and Nigeria. The wallet has become operated in May 2017. 

The wallet was designed for the African market offering a service that supported more than 60 cryptocurrencies. 

 The users claimed that they have been facing problems with withdrawing funds beginning from April. At the same time, the company representatives said that problems had been caused by some technical issues. Later, Satowallet management explained that the funds were stolen by some hackers that made use of the service update.

In August, users reported about blocked access to the platform, which was related to the breakdown of all wallet servers as the CEO stated. Once the service was resumed, users found no assets in their wallets. 
 
The server provider OVH suspended services due to unnamed violation. At the same time, the management of the wallet keeps saying that OVH is a shady company and hold users' funds.
 

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