What looks like a new Bitcoin ponzi scheme, recently surfaced, has the cryptocurrency market up in arms this week. StakedWallet, a crypto staking application (App) raised eyebrows after it offers up-to 1.5% daily return on BTC holdings.
Launched just a few months ago, StakedWallet claims on a medium article it has helped clients gain 120–150% each year from Proof of Stake (POS) mining. Currently, the crypto staking app is trying to lure new traders by offering 0.6-1.5% turn per day on investment.
Crypto community claims Bitcoin ponzi scheme
However, crypto traders quickly pointed out a number of similarities between StakedWallet and Bitconnect; one of the largest and most successful crypto exit scams to day.
Jan Kowalski, a popular scam detective and writer published an article on Medium on April 19 warning potential crypto investors to steer clear of StakedWallet.
“My friend recently found this very cool website called StakedWallet. He immediately invested as they’re promising 1.5% per day. He texted me about it, as we both are interested in cryptocurrencies, but when I saw it I instantly knew — Ponzi Scheme.”
93% positive review rate
A quick glance at StakedWallet’s app immediately revealed something that smells like rotten fish. The app listed in three platforms: Google Play, App Store, and Trustpilot. 93% of the reviewers has nothing but positive things to say. That is unheard of, even for the top applications.
For instance, a review left by a user who goes by Gabriel Cătălin Baltac on Trustpilot lacks all ingredients of an organic review. The user seems clueless about Bitcoin.
“Great app i’ve made millions of bitcoins using this thank you!”
Remember, Bitcoin’s max supply is 21 million, with 18.34M BTC currently in circulation.
Nonetheless, there are a few bad reviews from what seems to be FOMO (fear of missing out) victims. These individuals often jump at any promotion promising big returns.
Often time, they felt like they have to play catch up because they missed the opportunity to get rich from the Bitcoin gold rush. This victim even cited the Westland Storage scam; a Bitcoin ponzi scheme who exited with all investors’ funds at the peak of the 2018 crypto rush.
“All of you should be arrested. I am following and you will see the result. I will see all of you under arrest. Only way is you refund me. Pay my money back scammer. You thieves from westland storage and now stakedwallet.io have rubbed my 10 LTC. Pay it back…”
What do StakedWallet and Westland Storage have an common?
Kowalski has learned how to identify Cryptocurrency / Bitcoin ponzi schemes because he himself was a victim of the Westland Storage’s exit-scam.
“I knew what it is. Same bounty system, suspiciously similar in-app currency called SWL (Westland Storage had WLS), literally the same part of UI in StakedWallet as in Westland Storage mobile app. The similarities are just too huge.”
On its website, StakedWallet send prospective investors to some documents that supposedly proof the firm is legally registered in Australia. However, having legal status does not mean a company can’t be involved in exit-scams.
Westland Storage also had legal status in Saint Vincent, and even claimed to have purchased an island they named, Petit Saint Vincent. Petit stand for ‘small’ in French.
More signs StakedWallet could be a Bitcoin ponzi scheme
Another sign StakedWallet might be a Bitcoin ponzi scheme is the fact that the website was getting only 72 visits per month. Within the pass three months, 437,000 clicks.
Also, StakedWallet doesn’t have a page or section with the firm’s team members. No one is claiming to have founded the project either. We’ve reach out from a email address found of the website, but have not received any reply.
Mathieu is a Information technology professional with over 15 years of experience. He started one of the first bitcoin blogs existed in 2010. He started writing about, investing in bitcoin and promoting the first cryptocurrency when only a few technological savvy people knew about it. Mathieu is a world traveler who enjoys culture, technology, finance, salmon, rice and beans. He’s cool, collected and knows a great deal about blockchain technology.