El Salvador users complain about the lack of bitcoins in their Chivo wallets, arousing anti-crypto sentiment

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The Central American country of El Salvador is currently facing crypto-related issues after its citizens complained about fraudulent transactions in their government-issued Chivo wallets. In the past few days, some Salvadorans have been complaining that Bitcoin tokens are being mysteriously lost in their Chivo wallets. In September El Salvador became the first country to introduce Bitcoin as legal tender. Since then, Salvadoran President Nayib Bukele has been bragging about his country’s economic progress on social networking platforms. Currently, however, complaints about missing Bitcoin tokens in Chivo wallets are common on Twitter.

People bombarded Twitter (in Spanish) with screenshots to make their case. Several Salvadorans are reaching out to the government as well as the Chivo wallet authorities for help, asking for answers and help.

Gentlemen from @chivowallet I have just checked my bank statement and I have two transactions, one of $ 800 and one of $ 700 from yesterday that I DO NOT recognize !!! I want my $ 1,500 back, please!

– Gaby Rodriguez-Trippconey: us :: flag-sv: (@gabsojitosverde) December 18, 2021

Salvadorans have claimed in their tweets that “unauthorized transactions” cost them their Bitcoin tokens.

“Nobody responds to people’s complaints,” one user who claimed to be from El Salvador and refused to be named for fear of repercussions told Gadgets 360.

The person also shared a table with Gadgets 360 that has links to tweets from other user complaints. Some of the tweets include screenshots of transactions on the Chivo wallets that users claim include unauthorized charges and failed transactions.

Chivo wallets were supported by the government of El Salvador to enable transactions in USD as well as Bitcoins from anywhere in the world. Bitso, a Mexican cryptocurrency exchange, serves as the key service provider for Chivo. According to Bukele, over two million Salvadorans use the Chivo wallet.

A report from Tom’s Hardware estimates that around $ 16,000 worth of bitcoins (about Rs. 12 lakh) have disappeared from Chivo wallets in El Salvador. On the other hand, another Twitter thread claims that $ 120,000 worth of bitcoins (around Rs. 90 lakh) have disappeared.

Wow … the thing is like this: between the thread from @_elcomisionado_ and other tweets where people reported how much money they lost / withheld in Chivo. By adding up the amounts reported online * alone, we estimate + $ 120,000 for which @chivowallet is not liable.

: fire :: dollar :: dollar :: fire: pic.twitter.com/U2rIYya2rp

-: fire: mxgxw * Señor del Caos * (γ): fire: (@mxgxw_gamma) December 28, 2021

So far there has been no official statement from the country’s authorities on this development. The Twitter account of the Chivo wallet also no longer shows any activity after November 2nd.

In the midst of this chaos, the anti-Bitcoin sentiment in El Salvador seems to be heating up.

Bitcoin transactions in El Salvador have declined 89 percent since legal tender was introduced, according to CryptoWhale.

# Bitcoin transactions in El Salvador have plummeted over 89% since they made it legal tender.

People don’t want to use outdated technology with high fees and slow transaction times.

It is time for El Salvador to drop bitcoin and opt for something with real use.

– Mr. Whale (@CryptoWhale) December 27, 2021

However, President Bukele’s approach remains pro-crypto.

In November, for example, Bukele unveiled its plans to build a bitcoin town at the foot of Conchagua volcano to power bitcoin mining using renewable energy and address the related carbon footprint issue.

The country now has nearly 1,500 bitcoins in its reserve, which adds up to $ 76,417,935 (about 571 billion rupees). Currently, Bitcoin is trading at around $ 50,973 (approximately Rs. 38 lakh) on international exchanges such as CoinMarketCap.

Interested in cryptocurrency? We discuss everything about crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music, and anywhere you get your podcasts.
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