Bitcoin Disappearing from Chivo Wallet, Anger Against Cryptocurrency in El Salvador

Bitcoin Disappearing from Chivo Wallet, Anger Against Cryptocurrency in El Salvador


El Salvador is the first country in the world to legalize bitcoin. Recently this country is facing cases related to crypto. The people of the country have complained of fraud transactions in the Chivo Chivo wallet issued by the government. Many people in El Salvador have complained that bitcoins are mysteriously disappearing from their Chivo wallets. In September, El Salvador adopted bitcoin as a legal currency. Since then, the country’s president, Nayb Bukele, has been supporting bitcoin on social media.

Victims are sharing screenshots on Twitter to present their case. Many people are contacting Chivo Wallet authorities for help apart from the government. Asking them for answers too. People have alleged that they have to pay the price of bitcoin tokens in exchange for ‘unauthorized transactions’.

One user, claiming to be from El Salvador, told Gadgets 360 that even after complaining, people get no response. The man does not want to reveal his name.

The man also shared a spreadsheet with Gadgets 360 that contains links to tweets from user complaints. Some of the tweets contain screenshots of transactions on Chivo Wallet.

With the support of the Government of El Salvador, Chivo Wallet was created to facilitate transactions in USD and Bitcoin around the world. Mexican cryptocurrency exchange Bitso is its service provider. According to President Bukele of El Salvador, more than two million people use Chivo Wallet.

one of toms hardware Report It is estimated that around $16,000 worth of bitcoins (approximately Rs 12 lakh) have gone missing from the Chivo wallet in El Salvador. On the other hand, another Twitter thread claims that bitcoins worth $120,000 (approximately Rs 90 lakh) have disappeared.

There has been no official statement from El Salvador on this matter. There has also been no activity on the Twitter account of Chivo Wallet after November 2. Meanwhile, anger against bitcoin is rising in El Salvador.

According to CryptoWhale, bitcoin transactions in the country have declined by 89 percent since it was granted currency status. Despite this, President Bukele’s view is in support of crypto.