Some Salvadorans Claim Funds Missing From Their Chivo Wallets

Some of the funds in the Salvadoran government-issued Chivo wallets have gone missing, according to numerous Salvadoran posts on social media.

In a Dec. 16 Twitter thread by user “the commissioner,” at least 50 Salvadorans reported losses totaling more than $96,000 in December after the country’s government launched a bitcoin wallet. Some of those transactions were for as little as $61, but others said they lost thousands of dollars or more.

Luis Guardado Asks President Nayib Bukele Directly: "No tech support, just useless calls, where is my money?"

Bukele said in October that Chivo wallets are used by three million Salvadorans, roughly half of the country's 6.5 million population. Since El Salvador first introduced the bitcoin law in June, many in the country have opposed the measure for various reasons, including the volatility of cryptocurrencies and the fact that they are an unreliable investment for pension funds. Some managed to loot and burn Chivo kiosks during the ensuing protests as protesters marched through the capital, San Salvador, ahead of the law's entry into force on Sept. 7.

El Salvador's president has frequently touted bitcoin adoption on social media and related projects, including harnessing the geothermal power of the country's volcanoes to mine the cryptocurrency and building a bitcoin city, initially funded by a $1 billion bitcoin bond. As of this writing, the country holds 1,391 bitcoins, or about $71 million, with the price of bitcoin hovering around $50,000 over the holidays.

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