Satowallet Team to be Suspected of Scam

Users of a cryptowallet, targeted at Africa, are facing withdrawal issues for almost a half year
26 September 2019   431

The developers of the Satowallet cryptocurrency wallet, allegedly, have appropriated more than $ 1 million, each time finding new reasons not to pay users their funds, writes Finance Magnates.

Satowallet was founded in May 2017 and, according to official information, is based in Dubai and also has a representative office in Nigeria. The main target audience of the service are residents of Africa. Satowallet offers support for more than 60 cryptocurrencies, including Bitcoin, Bitcoin Cash, Litecoin and Ethereum.

Users began to have difficulty withdrawing funds in April. The company referred to temporary technical problems and at the same time announced the launch of the SatowalletEX exchange. Responding to user complaints, the developers said that several attackers took advantage of the wallet update to steal their funds. Later, they reported the elimination of the vulnerability, but introduced manual transaction processing and forced verification of users, which is why the withdrawal of funds was inevitably delayed for several days.

In August, Satowallet users found that they could not access the platform. The CEO of the company explained that all eight servers responsible for the operation of the wallets, application and website were out of order. After some time, the developers reported that they were able to restore the service due to backups received from the OVH data center. However, there were no user assets in wallets.

OVH claims that server maintenance was suspended due to an unnamed violation. The creators of Satowallet, for their part, continue to blame OVH for fraud and withhold user funds.

Bittrex to Go For Maintenance After 1/3 Funds Moved

Users suspects hack, but exchange says "funds are safe"
05 December 2019   75

The Bittrex cryptocurrency exchange has announced scheduled maintenance today, December 5, from 22:00 to 23:00 (GMT). On the eve, a third of its assets were transferred to an unknown wallet.

During maintenance, users will not be able to log into the system or use the APIs. Trading will be suspended.

On December the 4th, populat Twitter account posted that "43,564 #BTC (313,074,134 USD) transferred from Bittrex to unknown wallet." Users suspected that the exchange was hacked, but the exchange . 

Closures for scheduled maintenance only heightened suspicion. However, the Bittrex team assures that "that claim is false."