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Several Salvadorans report funds from their Chivo wallets are lost

2 min reading

“No tech support and only useless calls, where is my money," stated Luis Guardado, addressing El Salvador President Nayib Bukele directly.

According to some Salvadorans posting on social media, some of the funds from El Salvador's state-issued Chivo wallets has gone missing.

In a December 16 Twitter post initiated by user "the commissioner," at least 50 Salvadorans claimed December losses amounting to more than $96,000 after the government implemented Bitcoin (BTC) wallets. Several of these transactions were for as little as $61, but others stated to be missing thousands or more.

“There is a security flow on the wallet where money and transactions disappeared,” Luis Guardado stated in an official appeal to President Nayib Bukele.  “No tech support and only useless calls, where is my money.”

Bukele stated in October that 3 million Salvadorans, or about half of the country's 6.5 million people, were utilising their Chivo wallets.

Several in El Salvador have criticized the idea since it was initially introduced in June, citing the fragility of cryptocurrencies and asserting that they are an unethical investment for pension funds. Protesters paraded through San Salvador's capital city before the law went into action on September 7, with some protesters able to pillage and burn Chivo kiosks.

El Salvador's president has often used social media to encourage BTC adoption and also similar projects, such as mining crypto with geothermal energy from the country's volcanoes and constructing a Bitcoin City primarily funded by $1 billion in BTC bonds. He also utilises the platform to highlight his Bitcoin purchases. The country's treasury currently owns 1,391 BTC, or around $71 million, with the price of the crypto asset resting around $50,000 for the holidays.

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