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Satowallet Pulled an Exit Scam, After Months of Red Flags

Published 09/27/2019, 06:16 AM
Updated 09/27/2019, 07:21 AM
Satowallet Pulled an Exit Scam, After Months of Red Flags

Satowallet, a crypto storage service based in Nigeria, has apparently pulled an exit scam. The wallet was custodial, meaning the funds were controlled by the Satowallet operators, and not the customers. Thus, withdrawals were possible only on demand, making Satowallet akin to storing coins on an exchange.

The Satowallet co-founder explained away the problems with technical issues.

https://twitter.com/SatoShares/status/1176686299723567104

However, Medium has blocked the explanation, citing potential violations. This fact refutes the claims that the losses were only due to a technicality...

This article appeared first on Cryptovest

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