Satowallet disappears with over $1 million in user's funds

[Harlot]

Chances are the government will already create a "solution" without even identifying the problem first and this solution would most likely be shifting their views again and completely ban the crypto industry in its entirety.

Nigeria is unstable so it wouldn't really surprise me if they ended up doing that, but I hope they have a few brain cells with some sense in them and combat the offenders instead of the tools they use.

If they ban crypto entirely that still isn't a 'solution' at all because people with bad intentions can still easily set up similar schemes and scam people. It's already illegal and severely punishable, so what will effectively change when they ban crypto? I'm inclined to say that it will make things even worse because these scams will be the only options available to people chasing profits.

Yeah banning crypto wouldn't be a solution to anything but based from what I see on how governments work they would rather act quickly rather than thinking out the whole process first. If this issue gets any bigger or this thing happens again on another business who will scam people then I don't think they would have anymore solutions to do and ban crypto immediately just to say they have a solution for what is happening. They would rather put the blame on something then catch the people who committed the crime.

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[nrnahid]

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.

[CryptoBry]

Sadly, this can be another punch on the face of the cryptocurrency industry as many people are going to assume that this industry is truly riddled with scammers whose only intention is to get as much money possible from as much people as reachable. A little fortunate that only around a million dollar is lost though this is already a significant amount of money since, if I am not mistaken, most of the business transactions are based in Nigeria.

And this also explains why this is not a well-known wallet as this might have concentrated its marketing efforts in Nigeria. Indeed, a local-based platform can easily get more business than the one which is based abroad (this is quite true in my country as well). I am thinking that maybe just like the banks having its own insurance system, the government should start now thinking of officiating almost the same system as one of the many protections that customers should be enjoying.

Now, let's hope that the government of Nigeria and Dubai are doing something concrete on this scam. Justice should be served and money should be returned to their rightful owners.

[nrnahid]

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?

[darkangel11]

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?

Companies like Electrum can't steal your coins because these are software wallets as opposed to online wallets. Only online wallets, exchanges and services that provide you with a bub key but no private key can steal your money and run away. Satowallet had to be an online service, similar to blockchain.com.
I don't trust online wallets and even if you do trust them they are more vulnerable to phishing, where you get redirected to a site very similar to yours and asked to enter your password there, and keylogger trojans.

I'm not racist, but would you trust a Nigerian crypto wallet?



Look at this Nigerian pirate. Dude thinks he's batman. They told him to put on a balaclava so he did. It doesn't matter that he can't see shit but they gave him a gun and told him to look badass. I Imagine this is how that wallet was being operated. Employees were just sitting there told to smile and look professional and when somebody asks say good everything fine, your money safe, all right!

[Inkdatar]

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.

I’m not also familiar with Satowallet, sad to hear another story of a user got scam. This is a lesson to everyone that you should not be taken for granted, so many victimized of getting scam by an exchange. Exactly a big no to leave a money in an exchange that is not secured. Let us serve this as a lesson and be reminded everyone to be wise on keeping safe our money.

[pixie85]

Nothing new. When you give away your private keys you give away all your rights to cryptocurrency. People are used to sending money here and there. They send it to banks and institutions and pay upfront. You have to forget all you have learned in the fiat world. This is crypto world!

Would you send money to a Nigerian prince or Indian IRS scammer? No? Then why would you send it to an anonymous Nigerian crypto bank that calls itself a wallet.

[Dabs]

Not your keys, not your coins. Some people never learn. Or there are new suckers born every minute. It's the price of tuition, and hopefully the collective or users learn not to trust online or custodial wallets.

[gentlemand]

I'm not racist, but would you trust a Nigerian crypto wallet?

I remember reading the US state department's advice about Nigeria which was basically - don't talk to Nigerians.

I'm sure there are millions of lovely ones. It must be dead embarrassing to be from a country largely known for being filled with dodgy scum. Since the MMM ponzi was super strong in Nigeria the combo of a nation of scammers and a nation of the gullible is a pretty potent one.

I noticed this place is hiding behind KYC as one of its excuses.

https://cointelegraph.com/news/users-of-nigeria-based-crypto-wallet-lose-1m-in-alleged-exit-scam

I expect that little gem to keep on popping up.

[carlfebz2]

Not your keys, not your coins. Some people never learn. Or there are new suckers born every minute. It's the price of tuition, and hopefully the collective or users learn not to trust online or custodial wallets.

Had been advised for a thousand times about  on this matter where people shouldnt really trust up web wallets which they dont able to access their own keys but they do still continue to use it up even with that kind of risk.You would really have that kind of question in mind on what the heck with these people still believing while they are being suggested for countless times about security of their funds.Ending up on using wallets which arent really that popular or known until they do realize and regret if a disaster do already happen to them.

[Kemarit]

Not your keys, not your coins. Some people never learn. Or there are new suckers born every minute. It's the price of tuition, and hopefully the collective or users learn not to trust online or custodial wallets.

Had been advised for a thousand times about  on this matter where people shouldnt really trust up web wallets which they dont able to access their own keys but they do still continue to use it up even with that kind of risk.You would really have that kind of question in mind on what the heck with these people still believing while they are being suggested for countless times about security of their funds.Ending up on using wallets which arent really that popular or known until they do realize and regret if a disaster do already happen to them.

I don't think traders, specially noobs are very complacent on trusting web wallets like exchanges. But throughout the history of Bitcoin, we all know that is not the best practice as anytime those exchanges can be hacked or exit scams and their money will simply disappear in an instant. Perhaps those traders will need to get that experienced first hand, before they really stop or at least not putting huge amount of money in an exchange, expensive lessons, but what can we do? We have time and again, tell them that if you don't have the keys, then it's not your coins, but they didn't heed until they got their first hand experience losing big money here.

[carlfebz2]

Not your keys, not your coins. Some people never learn. Or there are new suckers born every minute. It's the price of tuition, and hopefully the collective or users learn not to trust online or custodial wallets.

Had been advised for a thousand times about  on this matter where people shouldnt really trust up web wallets which they dont able to access their own keys but they do still continue to use it up even with that kind of risk.You would really have that kind of question in mind on what the heck with these people still believing while they are being suggested for countless times about security of their funds.Ending up on using wallets which arent really that popular or known until they do realize and regret if a disaster do already happen to them.

I don't think traders, specially noobs are very complacent on trusting web wallets like exchanges. But throughout the history of Bitcoin, we all know that is not the best practice as anytime those exchanges can be hacked or exit scams and their money will simply disappear in an instant. Perhaps those traders will need to get that experienced first hand, before they really stop or at least not putting huge amount of money in an exchange, expensive lessons, but what can we do? We have time and again, tell them that if you don't have the keys, then it's not your coins, but they didn't heed until they got their first hand experience losing big money here.

True story where people doesnt really care too much until they would experience it and learn from it.Even us experienced users doesnt really have that choice for us not to put up funds on exchange or any web-wallet but the important thing is that we do know on how we do keep and transfer those coins into a much safer place where we do own our keys.
Using up service do have corresponding risk and we can lessen it up if we do know how to follow those safety tips from time to time.