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El Salvador Bitcoin ‘Scalpers’ Force App Turnaround as Chivo Criticism Continues
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cryptonews.comThe government of El Salvador has come under scrutiny again for its Chivo bitcoin (BTC) app and wallet – after its operators temporarily froze price viewing on Chivo to stave off “scalpers.”
In a series of tweets on Monday, the official Chivo Twitter account explained:
“We had to temporarily disable the option to see bitcoin prices frozen for one minute. Unfortunately, many of our users were using it for scalping.”
Chivo explained that some had been using the discrepancies between (one-minute) frozen rates on the app and real-time prices on other crypto exchanges. It wrote that opportunists were “taking advantage of that minute to compare rates with other exchanges, to see if bitcoin prices had gone up or down” and trade accordingly.
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