SiBAN: Public Statement on SatoWallet’s Detailed Report of 25 September


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As published on Siban.org.ng

Following the release of the ‘Detailed Report on the Incidence with Satowallet’ by Samuel Benedict on 25 September 2019 through its medium channel, the blockchain and cryptocurrency community, locally and internationally, has been reacting variously to the report.

First, SiBAN, Nigeria’s self-regulatory body, sympathizes with Satowallet for the incidence as detailed in Satowallet’s report. Even more so, we sympathize with Satowallet users, local and foreign, whose digital assets have been lost or affected as a result of this unfortunate event.

Second, we note that Satowallet, as detailed in its report, experienced issues with its dedicated servers hosted and maintained by OVH.com, a French web hosting company. According to Satowallet, after a long wait, Satowallet suspected fraud and in fact accused OVH of fraud and theft. Eventually, OVH informed Satowallet that the dedicated “server is no more” and shortly after OVH disappeared. Till the time of writing this public statement, OVH is unreachable. Meanwhile, Satowallet has lost up to 70% of its staff and many of its users have been expressing fears and concerns. The media has also been feeding on the story the way that each publisher understands it.

Third, SiBAN notes Satowallet’s public appeal for support with tracking OVH and Satowallet has restated that Satowallet is not a scam.

This situation is quite unfortunate for us all as a community. First, for Satowallet which though operates in the United Arab Emirates (UAE) has its parent company Blockchain Tech Hub Ltd registered in Nigeria; second, for Satowallet users, local and foreign; third and perhaps most importantly for Nigeria’s blockchain and cryptocurrency community. When anything befalls a Nigerian project, every other Nigerian project is greatly concerned and affected because of the ripple effects that these issues often have in the space.

This is why at SiBAN we cannot simply sympathize and look another way.
Based on our self-regulatory role in the community, SiBAN is deeply concerned about what has happened to Satowallet. To ensure that we avoid or minimize operational security issues such as the case with Satowallet, SiBAN Caretaker Committee, after consultation with its members, have decided that it’s important that we look into this issue in the best interest of the nascent blockchain and cryptocurrency community in Nigeria.

Therefore, SiBAN Caretaker Committee has resolved that SiBAN should reach out to Satowallet and work closely with it towards ensuring that OVH, the French web-hosting company, is tracked and contacted for appropriate actions.

In the interest of the community, SiBAN Caretaker Committee has constituted an independent 7-man Ad Hoc Committee on Inquiry to look into the Satowallet incidence. The 7-man Ad Hoc Committee is immediately look into the SatowalletOVH issue. Members of the Ad Hoc Committee are:

Doris Ojuederie – Chairperson

Dan Whisky – Secretary

Azih Chibu – Member

Arinze John – Member

Chike Okonkwo – Member

Emmanuel Babalola – Member

Victor Olorunfemi – Member.

The purpose of this is to engage concerned parties, establish relevant facts especially regarding the operational security issue, and submit a report along with recommendations to the SiBAN Caretaker Committee in 3 weeks.

The Ad Hoc Committee is to swing into action immediately. Of course, the Ad Hoc Committee welcomes any helpful information and is open to work with any competent and legal authority to ensure that this matter is treated appropriately.

For information, you may email info@siban.org.ng.

We appeal to the members of the community, especially Satowallet users and partners, to be calm while the Ad Hoc Committee carries out their tasks. SiBAN is for the good of the community and we will continue to stand for the best interest of our members and by so doing sanitizing the blockchain and cryptocurrency space in Nigeria.

Signed: SiBAN Caretaker Committee

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