A cryptocurrency staking wallet that offers users every bit much as ane.5% daily returns is begetting striking resemblance to a Ponzi scheme.

That's according to a Medium article published on April 19 by January Kowalski which warns readers to steer clear of an app known as StakedWallet. The website offers Proof-of-Stake "investment opportunities" wherein the user's daily payout increases the longer they keep their funds staked.

Staking payouts begin at 0.6% per twenty-four hours, and increase to 1.5% afterward 9 months. Seemingly effortless daily returns such as these have been a hallmark of nearly all well-known cryptocurrency scams in the past, including the infamous BitConnect.

At first glance the app appears to have overwhelmingly positive reviews on both Google Play and the App Shop, as well as Trustpilot. Notwithstanding, closer inspection of the reviews shows them to exist either incredibly vague, or defective in logic.

One Gabriel Cătălin Baltac wrote on Trustpilot on April 19 that he had already made "millions of bitcoins" using the app:

"Great app i've made millions of bitcoins using this give thanks you!"

As of printing time, full supply of BTC is roughly 18.34 one thousand thousand.

Render of Westland Storage?

Of the 945 reviews left on Trustpilot, just 4% fall under the 'bad' category, while 93% are either 'excellent' or 'groovy'. However, many of the bad reviews echo a like sentiment - and they as well make mention of 'Westland Storage':

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

Kowalski's article also mentions Westland Storage — a defunct cryptocurrency Ponzi scheme that exit-scammed in late 2022. Indeed, Kowalski claims that the operators of Westland Storage are the same people running StakedWallet today.

His article draws attention to similarities betwixt StakedWallet's website and that of Westland Storage, seen below. Kowalksi also notes similarities in the user interface of both mobile apps, while the in-app token, SWL, is a slight rearrangement of Westland Storage'southward WSL token.

The landing page of Westland Storage. Source: Medium

The landing page of Westland Storage. Source: Medium

Kowalski — a victim of Westland Storage's go out-scam two years agone — is well-placed to compare the two projects. He says he registered for StakedWallet and noticed the similarities straight-abroad:

"I knew what information technology is. Same bounty system, suspiciously similar in-app currency chosen SWL (Westland Storage had WLS), literally the aforementioned function of UI in StakedWallet every bit in Westland Storage mobile app. The similarities are just besides huge."

The StakedWallet website links to documents displaying the projection's status as a legally registered company in Commonwealth of australia, notwithstanding, as Kowalski notes, Westland Storage was too a registered visitor.

The website's traffic jumped from 72 clicks per month, to 437,000 clicks, within the last iii months, according to information from a gratuitous SEO plugin tool. No ownership information is present on the website. Attempts were fabricated to reach the site owners, but no reply has been forthcoming thus far.