El Salvador Limits Some Chivo Wallet Features to Prevent Fraud.
29 Oct 2021, 08:00
El Salvador Limits Some Chivo Wallet Features to Prevent Fraud
El Salvador is taking necessary action to stop all those who have allegedly been misusing the new Chivo crypto wallet the country has implemented. Apparently, it only took about a month and a half for some people to resort to criminal activity to make their money via crypto.
El Salvador Is Taking Action Against Alleged CheatersThe Chivo wallet is the new bitcoin wallet system that allows residents of the country to hold bitcoin, which they can then use to pay for goods and services. It also permits trading and selling, and many were allegedly using their wallets to engage in a process known as “scalping.”
A feature on the wallet would often pause transactions for up to a full minute prior to initiating the final confirmation. Thus, individuals had that time to quickly check out other crypto exchanges before their traders were finished. This gave them the chance to see what would be better for them at that moment: buying or selling. As a result, many traders were either seeing their asset surge thanks to ongoing rallies or they were buying dips.