In line with our commitment to protect new investors in the crypto space, we followed a trail on Reddit about Stakedwallet.io, a new website promising investors a 1.5% daily return on their cryptocurrencies.
In this Stakedwallet.io review, we remind everyone who has read our other crypto scam alert reports that the first sign that a scheme is fraudulent is when it promises an insane return, such as the 80% annual return that Stakedwallet is promising investors.
Red Flags on Stakedwallet.io – an Alleged Ponzi Scheme.
On arriving on the Stakedwallet.io website, an experienced investor can easily tell what the obvious red flags are, that is, aside from the 1.5% daily return which would trip first-time investors to want to try it out.
There are also promises that investors can earn 8x times more than they do on regular crypto staking services. But what one may fail to notice is that the site claims to have a community of over 500k+ people even though web.archive.org’s first snapshot of the website is from Feb 29, 2020.
More data from web.archive.org shows that the persons behind the project initially offered 0.2% daily returns only to raise the figure to 1.5% at the time of writing.
Also, worthy of note is that there are only 10k installs of the app on Google Play and only 5 reviews on the Apple store. Reviews on both app stores also appear to be simulated with little to no information shared by reviewers about how the app works or the returns they have realized.
In the blog section, there are also alleged success stories that often characterize Ponzi schemes with a heightened focus on the referral program which serves as an outlet for onboarding new users that keep the circle going.
What Else Did We Find Out in a Stakedwallet.io Review?
Although still fairly new, one might argue that it will still take some time to realize whether Stakedwallet.io is just another Ponzi scheme, or legitimate.
But a Medium post by a certain Jan Kowalski argues that the website is just a rebranded version of a crypto-related scheme, Westland Storage, that he invested in the past and lost money doing so.
Kowalski narrates how the scheme conjured an exit scam and alleged that Stakedwallet.io would only pull off a similar stunt. He warns, “I advise you not to invest there. It’s a Ponzi Scheme. Not the first one and not the last one.”
Using the evidence provided so far in this article, we still urge readers to do their own research, before investing a dime into Stakedwallet.io, as the project appears to be highly risky.