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El Salvador’ Chivo wallet facing technical error, users lose funds

El Salvador' Chivo wallet facing technical error, users lose funds 4

Many citizens of El Salvador reported about the funds that they lost from their Chivo wallets.

After the legal adoption of Bitcoin by El Salvador on 7 September, the official Bitcoin wallet of El Salvador’ Chivo wallet goest live. Chivo wallet is the full official Bitcoin wallet of El Salvador, so we can understand that the security of this wallet will remain at the next level. Since the very start, Chivo wallet has faced many technical errors. 

In the latest, a Twitter user started a thread on Twitter to cover the issues of losing funds by the users. Around $1,00,000 in total people lost.

The withdrawal amount from the wallets is ranging from big numbers to small numbers of $70. 

This thread was started on 16 December, and more than 50 people joined this thread, who lost funds. 

A Twitter user, who faced this issue, Luis Guardado, said that “There is a security flaw on the wallet where money and transactions disappeared…(and there is)…No tech support and only useless calls, where is my money.”

Few people claimed that the Chivo wallet is fully secured but there are chances that technical glitches are possible. However, there are few people on Twitter, which claim that there are chances of hacking attacks on these wallets. 

Here it will be too early to consider anything about it, but here we can expect that the Chivo wallet team will do some better work to fix these issues and also will give refunds against these losses. 

Since the beginning, Nayib Bukele, president of El Salvador, supported Chivo wallet, and also he promoted Chivo wallet through unique offers like discounts on fuels. 

According to information provided by Nayib in October of this year, around half of the population of El Salvador started to use Chivo wallet, which was a big number over bank users.

Read also: Binance gets regulatory approval from Bahrain to offer crypto-asset service

El Salvador’ Chivo wallet facing technical error, users lose funds

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