Digital Assets: StakedWallet Alleged to be Re-run of a Former Ponzi Scam

April 21, 2020 | Digital Assets, News

Once scammed, twice shy. Only this time Jan Kowalski is warning others.

In a post in Medium, Jan Kowalski, a self-proclaimed hater of scammers, warns the unwary of the old chestnut: “if it sounds too good to be true, it probably is.” Kowalski writes about a very cool website called StakedWallet which promises returns of 1.5% daily on investments. Unfortunately, it bears an unholy resemblance to a previous Ponzi scheme and scam. (Coin Telegraph)

“StakedWallet Ecosystem”

Quote from the website: “The Proof of Stake ecosystem lets StakedWallet investors get up to 1.5% of income daily. We use all available PoS income-generating methods and contribute to technological progress significantly. With new elements added the ecosystem grows while investors’ income is increasing along with it.”

“The longer you keep your funds, the higher your income percentage is.”

StakedWallet may be a clone of Westland Storage

According to Kowalski, he fell victim two years ago to a website called Westland Storage which offered 1% daily of passive income. The app simply stopped working after a while.

Kowalski asks investors not to be taken in by the company documents displayed on the StakedWallet website:

According to Kowalski, the scamsters at Westland Storage also exhibited similar documents:

“It isn’t any problem for a scammer to set up a company using somebody’s identity,” says Kowalski. “It’s a common way of creating such projects among scammers.”

Kowalski also says there are striking similarities between the StakedWallet and Westland Storage websites.

“Same bounty system, suspiciously similar in-app currency called SWL (Westland Storage had WLS), literally the same part of UI in StakedWallet as in Westland Storage mobile app.”

Westland Storage – typical exit scam

Coin Telegraph describes Westland storage as a defunct cryptocurrency Ponzi scheme that exit-scammed in late 2018.

Coin Telegraph found that 4% of StakedWallet reviews were negative and that many of them raised the bogie of Westland Storage. Here’s a colorful one:

“All of you should be arrested. I am following and you will see the result. I will see all of you under arrest. Only way is you refund me. Pay my money back scammer. You thieves from westland storage and now have rubbed my 10 LTC. Pay it back…”

Kowalski’s conclusion

“My conclusion? I’m sure that StakedWallet is a scam and I’m pretty certain that it is not only a scam, but a scam made by the same people who created Westland Storage…

…I advise you not to invest there. It’s a Ponzi Scheme. Not a first one and not the last one.

Stay safe.”

Related Story: Digital Assets: SEC Busts Crypto Scam That Promised 224,923% Return

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