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A cryptocurrency staking pockets that provides customers as a lot as 1.5% every day returns is bearing putting resemblance to a Ponzi scheme.
That’s in accordance with a Medium article printed on April 19 by Jan Kowalski which warns readers to keep away from an app often known as StakedWallet. The web site provides Proof-of-Stake “funding alternatives” whereby the consumer’s every day payout will increase the longer they preserve their funds staked.
Staking payouts start at 0.6% per day, and enhance to 1.5% after 9 months. Seemingly easy every day returns comparable to these have been an indicator of virtually all well-known cryptocurrency scams prior to now, together with the notorious BitConnect.
At first look the app seems to have overwhelmingly optimistic critiques on each Google Play and the App Retailer, in addition to Trustpilot. Nevertheless, nearer inspection of the critiques exhibits them to be both extremely imprecise, or missing in logic.
One Gabriel Cătălin Baltac wrote on Trustpilot on April 19 that he had already made “thousands and thousands of bitcoins” utilizing the app:
“Nice app i’ve made thousands and thousands of bitcoins utilizing this thanks!”
As of press time, whole provide of BTC is roughly 18.34 million.
Return of Westland Storage?
Of the 945 critiques left on Trustpilot, simply 4% fall beneath the ‘dangerous’ class, whereas 93% are both ‘wonderful’ or ‘nice’. Nevertheless, lots of the dangerous critiques echo an identical sentiment – and so they additionally make point out of ‘Westland Storage’:
“All of you need to be arrested. I’m following and you will note the end result. I’ll see all of you beneath arrest. Solely approach is you refund me. Pay my a refund scammer. You thieves from westland storage and now stakedwallet.io have rubbed my 10 LTC. Pay it again…”
Kowalski’s article additionally mentions Westland Storage — a defunct cryptocurrency Ponzi scheme that exit-scammed in late 2018. Certainly, Kowalski claims that the operators of Westland Storage are the identical folks operating StakedWallet as we speak.
His article attracts consideration to similarities between StakedWallet’s web site and that of Westland Storage, seen beneath. Kowalksi additionally notes similarities within the consumer interface of each cell apps, whereas the in-app token, SWL, is a slight rearrangement of Westland Storage’s WSL token.
The touchdown web page of Westland Storage. Supply: Medium
Kowalski — a sufferer of Westland Storage’s exit-scam two years in the past — is well-placed to match the 2 tasks. He says he registered for StakedWallet and seen the similarities straight-away:
“I knew what it’s. Identical bounty system, suspiciously comparable in-app foreign money referred to as SWL (Westland Storage had WLS), actually the identical a part of UI in StakedWallet as in Westland Storage cell app. The similarities are simply too enormous.”
The StakedWallet web site hyperlinks to paperwork displaying the mission’s standing as a legally registered firm in Australia, nonetheless, as Kowalski notes, Westland Storage was additionally a registered firm.
The web site’s visitors jumped from 72 clicks monthly, to 437,000 clicks, inside the final three months, in accordance with knowledge from a free search engine optimization plugin device. No possession info is current on the web site. Makes an attempt had been made to achieve the positioning house owners, however no reply has been forthcoming to date.
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