Citizens Of El Salvador Alarmed After $100K In Bitcoin Reported Missing From Chivo Wallets
A troubling trend has surfaced in El Salvador over the past few weeks as citizens have been posting about the mysterious loss of funds from their Chivo wallets. El Salvador adopted one of the world’s most crypto friendly stances when the government announced in September that Bitcoin would be accepted as a legal tender, along with awarding fractional shares of Bitcoin, approximately worth $30, to all citizens who signed up for the government’s preferred digital wallet, Chivo.
By Andrew Senior
December 30th, 2021
Fast forward to mid-December where multiple threads exist on Twitter of users claiming sudden and unexpected losses from their Chivo wallets ranging between $61 to $16,000 with the total amount of missing funds currently sitting just under $100,000 with one Twitter user experiencing losses of more than $16,000.
Attorney and victim Zaira Navas highlighted that the total number of formal complaints received is currently 880 after another 131 reports were received over the past week of identity theft. After bringing the cases to the Attorney General’s office, Navas said,
“We represent a group of people who reported to our digital platform, but there are many other people who went to the Prosecutor’s Office on their own or to the company’s headquarters to complain.”
President Nayib Bukele has ushered in a new financial era for El Salvador as he was the spark plug that pushed his country to be the first in the world to adopt Bitcoin as a legal tender now has plans to build a Bitcoin city funded by $1 billion in Bitcoin bonds. Bukele has been widely promoting Bitcoin since June and recently announced the government owns 1,391 Bitcoin after making several purchases during downturns. At the time of publication, there has been no official word from the El Salvadoran government nor from Chivo wallet regarding the pending lawsuit or the missing Bitcoin.
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