Transfer your fund from Wallet of Satoshi immediately

This custodial Bitcoin wallet poses risks for users. Learn about non-custodial alternatives. If you value your funds, consider transferring to a self-custodial, open-source solution.

FINANCIAL SOVEREIGNTY

11/28/20233 min read

Unless you have been living under stone for past week, you know what happened to the mighty Wallet of Satoshi. Or you have no idea what I'm talking about, because you are not part of Bitcoin Twitter. That's mean you read this article by lucky accident. The last option is that some Good Samaritan sent you this - knowing what Bitcoin wallet you use.

If you happen to be one of the lucky individuals who hold fund in this wallet, you should pay attention. And if you orange pilled some newbies with this wallet, it's time to atone for your sins.

What happened?

On November 23th, 2023, Wallet of Satoshi was removed from the Apple and Google US app stores, making it inaccessible in the US. This was likely due to regulatory pressure. While the wallet still works, users who lose their phones can't redownload the app, risking fund loss.

This is their official statement:

"To our valued Wallet of Satoshi community in the United States of America,

We've dedicated ourselves to providing the best Bitcoin experience with Wallet of Satoshi, being at the forefront of Lightning usability and adoption. However, we've made the difficult decision to remove our app from the U.S. Apple and Google app stores, and will not serve U.S. customers going forward.

This decision doesn't come lightly. Our commitment to providing a secure, user-friendly, and compliant platform globally is unwavering. Our top priority is the safety and interests of our customers and our company.

We understand this may be disappointing news and we share your frustration. We're hopeful that future developments will allow us to revisit and possibly resume our operations in the U.S.

For our existing users in the USA, rest assured that you have full access to your Bitcoin funds. You can seamlessly withdraw and transfer them to another wallet.

We deeply appreciate your support and understanding. We remain committed to bringing the benefits of Bitcoin to as many as possible. Stay tuned for updates, and thank you for being a part of our community.

Peace, Love and Bitcoin

The Wallet of Satoshi Team"

From X.

What may come?

It is unclear what the future holds for Wallet of Satoshi. However, this wallet is custodial (you don't hold your private keys - those 12/24 words) and there is always risk that funds will be lost. Regulatory issues, freezing funds, rug pull...

I would strongly recommend anybody who WoS to transfer their funds to self-custodial solution. Even if you are not using WoS, do a small audit of service/solutions that you use for Bitcoin. Look them up, look for 3th party reviews, check if they're non-custodial, review your private keys. Check if your Bitcoin Software and Hardware is open-source. Public source code doesn't mean open source. Products like ColdCard, Umbrel Node - they aren't FOSS. They're just Open Source washing.

Non-custodial Alternatives

If you are looking for an alternative to Wallet of Satoshi, there are several options available. Here are a few:

Phoenix

Built on Eclair, Acinq’s very own Lightning implementation. Offers channel balance visibility, seed phrase backups, just-in-time channels, and splicing for easier balance management.

Zeus

Gives users the option to connect to their nodes to manage channels. Upcoming update runs an embedded node on your phone, allows you to connect to their very own LSP or a custom one and take seed phrase backups.

Breez

Utilises Blockstream's greenlight node infrastructure. It offers just-in-time channels, in-built PoS & podcasting 2.0 apps and a developer section to access advanced features. Backups are done via a cloud server.

The End?

What you should take from this post?

  • stop using CUSTODIAL Bitcoin solutions

  • stop using NON OPEN SOURCE Bitcoin software and hardware

  • if you use something from above, TRANSFER your funds to SELF CUSTODY and OPEN SOURCE solution as fast as possible

That will be it. I don't usually cover Bitcoin in my posts because there is enough authors writing about it already. But it's becoming different. People praise for custodial solutions that are not even FOSS just 'cause they're easier to onboard normies on. And I'm done with it.

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