Nigerian Crypto Wallet Satowallet Pulls off Alleged Exit Scam
Withdrawals on Satowallet began faltering since April, with allegedly technical reasons cited as the reason for the delay.
Satowallet, a Nigerian
crypto wallet, allegedly pulled off an exit scam, disappearing with users’ funds that are estimated at over $1 million worth of crypto deposits. Yet, the firm CEO claims some technical issues with their data center provider OVH.com led to the loss of clients’ coins.
Founded in May 2017, Satowallet claims to be based in Dubai, UAE whilst parent firm, Blockchain Tech Hub, maintains offices in Abuja, Nigeria. Satowallet offers a multi-wallet and crypto exchange known for holding over 60 cryptocurrencies including majors like bitcoin, Litecoin, Bitcoin
cash and Ethereum.
Users were questioning Satowallet legitimacy since April, as seen in some Telegram threads requesting more information on the wallet, which appears to be primarily promoted across Africa.
According to some anxious users, withdrawals on Satowallet began faltering since April 2019, with allegedly technical reasons cited as the reason for their temporary disabling. This came on the heels of Satowallet announcing plans to launch a new crypto exchange called ‘SatowalletEX.’
At the time, while users were unable to access their funds, the company claimed several telegram scammers took advantage of the upgrade period and stole clients’ monies. The company said in a statement that it fixed the vulnerability. But, indeed, this was another excuse to delay withdrawal requests as Satowallet suddenly installed KYC measures in June 2019, which in turn required several days to pass verification.