Cryptheory

24/7 crypto news, cryptocurrency meaning, guides, learning, #cryptohelpschildren

Salvador: BTC disappears from Chivo wallets

1 min read

 

The people of El Salvador inexplicably lose their BTC in the state cryptocurrency wallet of Chivo, states New Scientist.

BTC disappears from Chivo wallets

Publications she referred on Twitter users El Comisionado, who documented 50 such cases where users lost BTC totaling over $ 96,220.

“It simply came to our notice then. But that’s one of the things that people want an answer to. Some wait months to get their money back, “said El Comisionado.

The problems were also confirmed by Zaira Navas from the Salvadoran police and a BTC supporter with the pseudonym Rogzy.

“I don’t think Chivo is secure and no one can verify that the application code is not open source,” Rogzy said.

According to him, few people use the wallet because most “do not know how it works”.

President Nayib Bukele previously said that Chivo reached 2.1 million users, out of a total population of about 6.5 million.

He also acknowledged technical problems with the implementation of the Chivo wallet. The problems mainly concerned the purchases and $ 30 in BTC, which the government paid for registration in the application.

On September 7, 2021, Salvador entered into force a law recognizing BTC as an official means of payment along with the US dollar.

After the proposal was adopted in June, the opposition called it unconstitutional, and in August, a rally against the legalization of cryptocurrencies was held in the country.

Check out the most promising cryptocurrency stocks for 2022

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply

Your email address will not be published.