EOS-based wallet app reportedly shuts down, leaving $52 M in users funds inaccessible.


It has become known that chinese crypto wallet EOS Ecosystem has closed and users cannot get access to their funds. The total damage is estimated at approximately $52 million.

On Monday, project investors reported being unable to access their accounts via EOS Ecosystem app. According to chinese blockchain media ChainNews, most of the funds have also been removed from the service`s accounts.

Earlier ChainNews reported that EOS Ecosystem does not have its own node in the EOS network, and the project has been charged with creating a financial pyramid. In 2019, this startup was sued for organizing a pyramid scheme that raised 33 million EOS or about $81 million at current exchange rates. Since the publication of the EOSIO protocol in open source, a number of fraudulent schemes have been formed around it.

In the middle of April the Chinese Center for Information Technology Industry Development put EOS on the first place in the rating of the best blockchain projects. TRON and Ethereum were among the top three. Bitcoin worsened its position and fell to the 14th line of the list.



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