Some Salvadorans claim funds are missing from their Chivo wallets
The Chivo is a digital wallet app that allows users to buy and sell cryptos, but some Salvadorans are claiming the funds they loaded into their wallets were missing after their phones crashed. Researchers say this could be an example of how widespread cryptocurrency adoption will impact people living in developing countries who may not have all the necessary tools to protect themselves from malicious attacks.
The “el salvador bitcoin wallet chivo” is a cryptocurrency that has been under scrutiny. Some Salvadorans claim funds are missing from their Chivo wallets.
According to several Salvadorans posting on social media, some of the money from El Salvador’s state-issued Chivo wallets has gone missing.
Following the government’s establishment of Bitcoin (BTC) wallets, at least 50 Salvadorans have claimed losses totalling more than $96,000, according to a Dec. 16 Twitter thread initiated by user “the commissioner.” Some of these transactions were as little as $61, while others claimed to be missing hundreds of dollars or more.
El Comisionado (@ elcomisionado_) is a Twitter user. 18 December 2021
In a direct plea to President Nayib Bukele, Luis Guardado claimed, “There is a security flow on the wallet where money and transactions went.” “Where is my money if there is no tech support and merely worthless calls?”
In October, Bukele estimated that 3 million Salvadorans, or almost half of the country’s 6.5 million residents, were using Chivo wallets. Since the proposal of El Salvador’s Bitcoin Law in June, many people in the nation have been opposed to it for a number of reasons, including the volatility of cryptocurrencies and concerns that they are an untrustworthy investment for pension funds. Before the legislation went into force on Sept. 7, protesters marched through the capital city of San Salvador, with some individuals managing to ransack and destroy Chivo shops.
President Bukele responds to criticism of the ‘Bitcoin experiment’
El Salvador’s president has regularly used social media to encourage BTC adoption and associated initiatives, such as mining crypto using geothermal energy from the country’s volcanoes and constructing a Bitcoin City with a $1 billion investment in BTC bonds. He also utilizes the site to publicly publicize his Bitcoin acquisitions. The country’s treasury now possesses 1,391 bitcoins (BTC) worth $71 million, with the price of the digital currency hovering around $50,000 for the holidays.
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The “chivo app” is a mobile application that allows users to store their cryptocurrency in an easy-to-manage wallet. The Chivo app has been receiving complaints from Salvadorans claiming that funds are missing from their wallets.