Satowallet disappears with over $1 million in user's funds - page 2.

BitHodler

legendary

Activity: 1526

Merit: 1179

Quote from: Kemarit on September 29, 2019, 04:16:59 PM

People never really learn here, unless they got scammed themselves. And that's why scammers are still here and won't go away because there are still a lot of individuals who are gullible and can easily trick by these cyber criminals.

It looks like people don't learn because of how many newbies we have enter this space on a daily basis, newbies who have no clue about anything related to security and other risks associated with crypto.

It translates into what seems to be an infinite number of sheeps walking themselves to the butcher.... there isn't a different way to describe it. Scammers know that and patiently wait to reap the fruits of their "work".

Similar ponzi scams have existed for decades in the regular financial world too. It's not going to stop or decrease unless we run out of newbies who chase after profits because they can't succeed in life otherwise.

Kemarit

legendary

Activity: 3080

Merit: 1353

Quote from: veleten on September 28, 2019, 02:23:47 PM

https://www.financemagnates.com/cryptocurrency/news/nigerian-crypto-wallet-satowallet-pulls-off-alleged-exit-scam/

thats why never trust an unknown wallet provider with any sums over 100$
I'm in shock they managed to gather so much , I never even heard about them first place -1$ million , really
you got to be a very risk loving person to send coins to them Huh

no offense but "nigerian wallet " words combination would have discouraged me from sending any money
I remember the que of princes and princesses from Nigeria attacking my poor email that I made a mistake of publicly posting on some forums
since then I don't think I'm going to be doing any business with the nigerians

I'm surprised too, perhaps this was the plan from the very beginning, to get 'trusted' and build their 'reputation' early and then pull off a exit scam. Maybe it was just popular amongst Nigerians and close neighbor countries. Yeah mate, I understand you, we still remember the 'Nigerian prince/princess' story and emails we got in the early 2000's and up to today. LOL. And this news will reinforce that scammers + Nigerian thingy.

@magneto - People never really learn here, unless they got scammed themselves. And that's why scammers are still here and won't go away because there are still a lot of individuals who are gullible and can easily trick by these cyber criminals.

hugeblack

legendary

Activity: 2506

Merit: 3645

Buy/Sell crypto at BestChange

Quote

it installed tough KYC measures which would take weeks to be verified. This further delayed the withdrawals for the users.

It's really strange, why do I prove my KYC to an unknown wallet^[*]? I mean that scam is not limited to users' money but their data.
Once the platform requests your data, it means they are authorized by the government and have a place & bank statements. Why anyone didn't take any legal action against them?

If this is the application^[1], many didn’t download it so I doubt the validity of the numbers.

^[*] I do not consider such programs as wallet but merely centralized platforms. Not your Keys, Not your coins.
[1] Satowallet Android app

Quidat

hero member

Activity: 2548

Merit: 533

Quote from: veleten on September 28, 2019, 02:23:47 PM

https://www.financemagnates.com/cryptocurrency/news/nigerian-crypto-wallet-satowallet-pulls-off-alleged-exit-scam/

thats why never trust an unknown wallet provider with any sums over 100$
I'm in shock they managed to gather so much , I never even heard about them first place -1$ million , really
you got to be a very risk loving person to send coins to them Huh

no offense but "nigerian wallet " words combination would have discouraged me from sending any money
I remember the que of princes and princesses from Nigeria attacking my poor email that I made a mistake of publicly posting on some forums
since then I don't think I'm going to be doing any business with the nigerians

When it comes to scamming things the only nationalities on my mind are nigerians and russians.This isnt a sort of racism but we all know
on what nationalities are being involved on big numbers.Yeah, we know that globally anyone can hack or scam no matter what nationality you do had.
Its surprising that there were blind people who do easily trust this satowallet.Even the reputable web wallets as of this moment arent really that 100% safe.
So we should always take precaution and its always ideal to store our coins on cold ones.

magneto

hero member

Activity: 1666

Merit: 753

Quote from: alexcopper on September 27, 2019, 03:58:05 PM

Yes another pulled off exit scam. This time a Nigerian cryptocurrency wallet that is said to have stolen $1 million worth of funds. Withdrawals started around April while the CEO blamed the servers being down.

This just goes to identify and support Ciphertrace's AML report as 2019 being the "Year of the Exit Scam" The report claims 3.1 billion dollars were lost in exit scams this year alone.

I swear people don't ever change or listen.

There is a reason why bitcoin is decentralised, and is trustless. Yet people still choose to place faith in random entities over the internet that they have no legal recourse to if they do get scammed. Hosted wallets in particular, are one of the favourites for scammers.

Ciphertrace's statistics don't even incorporate the full image since it doesn't show the times where funds are held by the third party without the consent of the owner of the funds (potentially citing KYC/AML as the issue).

veleten

legendary

Activity: 2016

Merit: 1106

https://www.financemagnates.com/cryptocurrency/news/nigerian-crypto-wallet-satowallet-pulls-off-alleged-exit-scam/

thats why never trust an unknown wallet provider with any sums over 100$
I'm in shock they managed to gather so much , I never even heard about them first place -1$ million , really
you got to be a very risk loving person to send coins to them Huh

no offense but "nigerian wallet " words combination would have discouraged me from sending any money
I remember the que of princes and princesses from Nigeria attacking my poor email that I made a mistake of publicly posting on some forums
since then I don't think I'm going to be doing any business with the nigerians

pieppiep

hero member

Activity: 1596

Merit: 502

I never heard or know about satowallet. Maybe it's not too popular among crypto user. There are many popular wallets we can use like for example, bitcoin-qt, electrum, mycelium, Jaxx, and the best hardware that I know, ledger nano and trezor. I don't get it why people still using the wallet which they don't know how good the reputations of the company, but never mind, that will be our best lesson to stay away from the unknown wallet, so we don't have to be the next target of the scam.

I hope that after this, people will learn and will not use the other wallet which doesn't recommend so they can be safe from anything bad that might happen in the future.

Jating

hero member

Activity: 2842

Merit: 772

I never heard of Satowallet, but what makes it worst is the CEO is deflecting everything and pointing to Telegram scammers as the real culprit behind the members account losing their money on that exchange. It's weird though, but this is just another expensive lessons to learn again, leaving your money in an exchanges is a no-no, I don't know what much are we going to stress on that.

In any case, this is another black eye for crypto enthusiast and could put crypto in another bad light. But I do hope that the CEO will have the audacity to explain what really happens instead of pointing fingers here and owe everything.

I also read that they blame the hosting service, and those guys hold the keys on the coin? Isn't it strange?

ene1980

hero member

Activity: 2002

Merit: 535

Quote from: alexcopper on September 27, 2019, 03:58:05 PM

Yes another pulled off exit scam. This time a Nigerian cryptocurrency wallet that is said to have stolen $1 million worth of funds. Withdrawals started around April while the CEO blamed the servers being down.
This just goes to identify and support Ciphertrace's AML report as 2019 being the "Year of the Exit Scam" The report claims 3.1 billion dollars were lost in exit scams this year alone.

There are many trusted wallets in the market which are transparent to know the team behind them and people should be aware of the risk of using these shady wallets, it is a really unfortunate thing as scammers will always attract users even if there are trusted services elsewhere.
Expect these kind of exit scams in full swing before the regulations are forced into this market.

Lanatsa

hero member

Activity: 2786

Merit: 646

Quote from: logfiles on September 27, 2019, 04:04:32 PM

With so many trusted and established wallets like electrum, Jaxx, Tustwallet(for those who want to store multiple cryptos), mycelium etc
Why would someone go ahead and start using a lesser known shady wallet like Satowallet?

This really shows how very careless people are with their funds and such news makes cryptocurrencies look like something bad and it affects adoption so much. People start to think that crypto world is full of only scammers.

Kind of mindset that cant really be removed on ones mind specially to those who haven't known crypto yet.When reading up these kind of news then it will surely
be put up in mind the negative reputation of crypto and it isn't really that good.People who are usually get dragged down to these unknown or non popular wallets are to those
people who do only get or searching up on google or simply clicking up some banners or links without any further verification or research if the wallet is trustable or not.
They do only cry and learn later on when they already lost up some funds.If theres money rotating into this market there would be always exit scam like this as long people
never ever learn these wont reduce and repeat the same process all over again.

logfiles

copper member

Activity: 1960

Merit: 1638

Top Crypto Casino

With so many trusted and established wallets like electrum, Jaxx, Tustwallet(for those who want to store multiple cryptos), mycelium etc
Why would someone go ahead and start using a lesser known shady wallet like Satowallet?

This really shows how very careless people are with their funds and such news makes cryptocurrencies look like something bad and it affects adoption so much. People start to think that crypto world is full of only scammers.

alexcopper

member

Activity: 280

Merit: 12

Yes another pulled off exit scam. This time a Nigerian cryptocurrency wallet that is said to have stolen $1 million worth of funds. Withdrawals started around April while the CEO blamed the servers being down.

This just goes to identify and support Ciphertrace's AML report as 2019 being the "Year of the Exit Scam" The report claims 3.1 billion dollars were lost in exit scams this year alone.

https://coingeek.com/nigerian-crypto-wallet-satowallet-disappears-with-users-funds/

Topic: Satowallet disappears with over $1 million in user's funds - page 2. (Read 323 times)