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   273

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.

TON Launch to be Postponed to 30.04.2020

Investors, that are not happy with this fact, may receive 77% of their investments
17 October 2019   82

Telegram is ready to postpone the launch of the Telegram Open Network (TON) blockchain platform and suspend all operations with the Gram digital currency. At the same time, the company intends to challenge the lawsuit of the US Securities and Exchange Commission (SEC). The lawyers of Telegram notified the court of the Southern District of New York.

We had intended to launch the TON network in late October. However, the recent SEC lawsuit has made that timing unachievable. We disagree with the SEC’s legal position and intend to vigorously defend the lawsuit. We are proposing to extend the deadline date in order to provide additional time to resolve the SEC’s lawsuit and work with other governmental authorities in advance of the launch of the TON network.
 

TON Team

At the same time, CoinDesk reports that the project investors received a letter with information about the proposed transfer of the TON launch from late October to April 30 next year.

At the same time, the company must approve the decision on the transfer with investors. Each of the groups of investors who bought Gram tokens during two rounds of ICO will have to approve it separately.

Investors of the second round are invited to fill out the appropriate form before October 23. If the majority refuses to sign, they will be returned “about 77%” of the investment. It is reported that investors of the first round received a separate letter.

In the event that the majority still approves the launch transfer, Telegram plans to send another $ 80 million for the development of TON.