Rahakott wallet SCAM?? | Bitcointalksearch.org

JeromeTash

legendary

Activity: 2338

Merit: 1261

Heisenberg

I still don't know why someone would keep funds in a web wallet for a long time yet there are other much better wallet options

This was their announcement regarding the closure:

This was on 2020/06/15

Quote

Important news: Rahakott closure
Dear users!
We decided to close Rahakott wallet.

Rahakott will be working until 1st of August 2020, all funds will be available for withdrawal. Signing up will be terminated on 1st of July 2020. After 1st of August, all information will be destroyed and the wallet will stop its functioning. We ask our API users to transfer the work to other services.

Thank you for spending these three years with us, trusting us and suggesting how to improve wallet functioning.

We wish you success in your work and good health.

This was on 2020/07/26

Quote

Important news: Rahakott closure (update)
Dear users!

We announced the closure of Rahakott on 15th of June 2020. We remind you that Rahakott wallet will stop functioning on 1st of August 2020 and you will not be able to withdraw your funds afterwards. We have decided to take the following steps:

API will stop functioning on 28th of July 2020
Mixer will be switched off on 28th of July 2020
Withdraw your funds until 30th of July 2020!

Source

I think their voluntary and quick closure was probably fueled by the fact that they also had some sort of mixer service just like what happened to bitblender. Maybe they smelt a rat about being investigated and didn't want to end up like bestmixer.io

Potato Chips

hero member

Activity: 2786

Merit: 902

yesssir! 🫡

Tried importing this guy's mnemonic (https://youtu.be/ccWX2ryPVgM) to iancoleman (https://github.com/iancoleman/bip39), played with the derivation path and didn't find the same address, so maybe it's not bip39? Did rahakott say it is or you based it on the word list?

Better check your addresses if the funds moved or not. If you dont have them with you, try checking your browser history or maybe you've sent someone a TXID. They seem to have an access to their users funds seeing how they are offering recovery of cross-chain sent coins and internal (off-chain) transfers. I'm not entirely sure but there's a chance it's not actually a mnemonic that would generate your keys from rahakott but rather just a way to access your account in the website.

bL4nkcode

copper member

Activity: 2142

Merit: 1305

Limited in number. Limitless in potential.

Quote from: Darker45 on September 05, 2020, 10:50:36 PM

However, I would say that Rahakott should still be made accountable over those people who lost funds, those who were not able to make withdrawals before their deadline.

Well, they should be, their announcement is misleading and kinda skeptical after all.

Quote from: Darker45 on September 05, 2020, 10:50:36 PM

Why are they allowing withdrawals for a very limited number of days only? What if someone is offline for almost 2 months? What if someone hasn't checked the wallet's official announcements for quite a while? Will Rahakott just run away with their funds?

This has the same case scenario for bitblender users. Though bitblender is much better than rahakott in terms of reputation but those issues were somewhat never resolved, I guess.

TheUltraElite

legendary

Activity: 2898

Merit: 1253

So anyway, I applied as a merit source :)

What I made out from the link that Rahakott sent out a notice to its users about service termination and then just did that. This makes no sense, but possibility of scam always comes when its crypto. Those coins could still be recoverable and not just lost in limbo if they have not been spent yet.

OP and the other users who have been victims should inform authorities and sue the owners and see if the cybercrime department can do something about it. Did they have any contact information/domain name registration?

Very little can be hoped for but it is what is in their hands to do.

Darker45

legendary

Activity: 2576

Merit: 1860

Quote from: bL4nkcode on September 05, 2020, 10:27:01 AM

They have announced that they were terminating their service and surely this includes taking all the funds on their wallet including yours.

Since you say its empty, have you check the latest transaction history of the wallet if this includes a lot of addressese including your address?

However, I would say that Rahakott should still be made accountable over those people who lost funds, those who were not able to make withdrawals before their deadline.

As per the post of Jawhead999, whose link is provided by OmegaStarScream above, the announcement was done less than a couple of months before the withdrawals will finally be closed. This appears to me questionable, a seemingly sly decision that is highly disadvantageous to their former users.

Why are they allowing withdrawals for a very limited number of days only? What if someone is offline for almost 2 months? What if someone hasn't checked the wallet's official announcements for quite a while? Will Rahakott just run away with their funds?

bL4nkcode

copper member

Activity: 2142

Merit: 1305

Limited in number. Limitless in potential.

They have announced that they were terminating their service and surely this includes taking all the funds on their wallet including yours.

Since you say its empty, have you check the latest transaction history of the wallet if this includes a lot of addressese including your address?

thompsonGaynor6six

newbie

Activity: 2

Merit: 0

Quote from: OmegaStarScream on September 03, 2020, 02:23:15 AM

I'm assuming you're referring to Rahakott.io? If so, this should answer your question: https://bitcointalksearch.org/topic/m.54912199

When trying to restore your wallet in Electrum, did you make sure to tick "BIP39" and choose the correct derivation path?

Yes 24 words its only bip39
What derivation type you can recommend for me?i have try
m/44'/0'/0'
m/44'/0'/1'
m/44'/0'/2'
m/44'/0'/3'

m/49'/0'/0'
m/49'/0'/1'
m/49'/0'/2'
m/49'/0'/3'

m/84'/0'/0'
m/84'/0'/1'
m/84'/0'/2'
m/84'/0'/3'

all it is empty(

How can restored it pay 50% from balance,with escrow service
balance 7k$

Kong Hey Pakboy

member

Activity: 1120

Merit: 68

I think you should move your topic on the Scam Accusations Board.

I think it is impossible to help you mate because even you contact their support, it is unlikely for you to receive an answer from them. A lot of users are also suspecting Rahakott wallet is a scam due to the mnemonic phrases because you might recorded the wrong phrases, and it is really not recommended to store large amount of funds in a hot wallet.

OmegaStarScream

staff

Activity: 3500

Merit: 6152

I'm assuming you're referring to Rahakott.io? If so, this should answer your question: https://bitcointalksearch.org/topic/m.54912199

When trying to restore your wallet in Electrum, did you make sure to tick "BIP39" and choose the correct derivation path?

thompsonGaynor6six

newbie

Activity: 2

Merit: 0

Hello
I rahakott wallet site is unavailable.I have mnemonic phase(login) and password from wallet.I have try recovery wallet via electrum but not see transaction history and balance 0.
Please help me with my problem?which my error?Or rahakott scam my money?

Topic: Rahakott wallet SCAM?? (Read 194 times)