According to El Mundo, identity thieves targeted El Salvador’s Chivo wallet, leading to suspicions related to El Salvador’s BTC adoption. President Nayib Bukele sold the idea of BTC as legal tender on the basis of a “bank without a bank” and reduced the fees for transferring money abroad. The family payments of Salvadorans living and working abroad account for 22% of the country’s GDP. Because of the public backlash and pressure from the international community, things are heating up. Now with reports of poor wallet security, it’s now harder to keep the line going.
2.1 million Salvadorans are active @chivowallet (do not download).
Chivo is not a bank but in less than 3 weeks it now has more users than any other bank in El Salvador and is moving fast to have more users than ALL BANKS IN EL SALVADOR total.
This is wild!#Bitcoin🇸🇻
– Nayib Bukele (@nayibbukele) September 25, 2021
It’s been 4 weeks since the BTC test went live in El Salvador and things didn’t go as planned.
Not only has the entire process gotten into trouble, but has also gotten into public outrage, the government has also faced international backlash, with the World Bank and International Monetary Fund leading the charge. In addition, this week several people in El Salvador discovered that fraudsters had activated accounts without consent. The wallet registration takes place with a unique identity document, date of birth, telephone number and photo upload. Social media is now flooded with reports claiming that their DUI has been activated and BTC bounties withdrawn:
“My DUI was registered in the Chivo app without my knowledge. Important security standards that government apps use to conduct monetary transactions. “
Chivo Wallet offered $ 30 worth of BTC as an incentive for citizens to sign up. Three weeks after it was posted online, President Bukele said more than 2 million Salvadorans downloaded the wallet, adding that the appeal is much greater than that of those who sign up for a bank account. However, the Chivo Wallet was activated by the scammers and they don’t want to steal the bonus or anything else?
It should be remembered that the introduction of BTC as legal tender in El Salvador took place during an experiment and although some criticized the speed of this introduction, it was announced in June and started in September, so this project can be said to be completed a long time ago:
“The President forced the project to be taken out of the oven. You cannot adjust to a local currency in just a few months. “
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