Residents of El Salvador report funds are missing from their Chivo crypto wallets

According to messages in social media, Salvadorans complain that money is missing from Chivo wallet. The government has not commented on this situation yet.

On December 19, a Twitter user “El Comisionado” reported that more than 50 residents of the country said that their money has disappeared from the state-issued Chivo wallet. Total losses amounted to more than $96,000. Some users have lost from $60 to $100, but others claim that they have lost more than $1,000.

Salvadoran Luis Guardado appealed straight to President Nayib Bukele. He stated that technical support did not help in addressing the issue and demanded to explain how to get his money back. According to Guardado, the wallet has security-related problems. However, he has not received an official response yet.

Residents of the country have already experienced difficulties installing the Bitcoin wallet. It was projected that Chivo would become available on September 7, immediately following Bitcoin being recognized as a legal payment instrument. However, at first the launch of the application was postponed. But then Salvadorans began to complain that there were problems with the registration of the wallet after it became available. Therefore, the developers had to make further efforts to optimize the application.

In October, Bukele said that more than 3 million Salvadorans had installed Chivo. This is about half the country’s population. Under the presidential decree, each user who has registered a new wallet will receive $30 in Bitcoins. These funds could only be used to pay for purchases in stores, as well as transferred to other Chivo wallets. Currently, Salvadorans make active use of Chivo for everyday purchases.

For the first time, a Bitcoin legalization plan was proposed this summer. Many experts opposed such an innovation due to the high volatility of cryptocurrencies and their unreliability as long-range investments. There were even several demonstrations against Bitcoin acceptance in the capital.

The President of El Salvador often uses social networks to promote Bitcoin and related projects. In autumn, the country has already started using volcanic energy to mine digital currencies. Additionally, the state authorities plan to create Bitcoin City, a cryptocurrency city. Bukele recently expressed a belief that Bitcoin will supplant fiat money in the future. He wrote about this on his Twitter account.