Volt Wallet Users Can’t Withdraw Funds After Being Urged To

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  • Volt Wallet users have reported that their coins are stuck after the project asked them to withdraw
  • The BSV mutli-sig wallet was a favorite of the BSV hierarchy in 2019, but it has since fallen out of favor
  • The project will close in June after it could not find a cloud provider that would host it

Users of the BSV project Volt Wallet are not able to withdraw their funds despite the project telling them to do so after announcing its imminent closure. Several users have complained that their attempts to withdraw have been scuppered, with the project blaming an issue with its BSV node. Having received investment from BSV sugar daddy Calvin Ayre in 2019, the project has since fallen out of favor with those at the top of the BSV food chain after criticizing the blockchain. Having been ditched by its cloud provider and been hit with ever-increasing costs, the project will shut down in June, although users face a tougher time getting their funds out.

BSV Move Cripples Volt

Volt Wallet has been around since 2014, but it seems that its move to BSV four years ago has killed it. The project moved to BSV in 2019, with BSV moneyman Calvin Ayre saying that he was taking the fight to exchanges that had rejected BSV by “investing in a couple major competitors”, warning that if these exchanges “do not offer BSV they are going to die.” Ironically, but not surprisingly, Ayre’s prediction turned out to be completely wrong as Volt Wallet is now on the verge of collapse under BSV’s stewardship.

Fault lines began to appear in September last year when Volt Wallet tweeted that it was considering ditching BSV at the request of many BSV supporters, something that did not go down well with Ayre, among others:

Just three days later Volt Wallet was forced to delist USDT on BSV because it could no longer afford to run a Bitcoin SV node, but things got worse in December when its cloud provider, Alibaba, terminated its contract (hardly Satoshi’s vision, but there we are). Volt Wallet moved to Amazon Web Services, but the project warned over the weekend that this deal could be terminated again “in next few days”.

As a result, it urged users to remove their funds while the window of opportunity was still open, saying that the wallet would not be supported after June, but it didn’t take into account the parlous state of the BSV blockchain:

The disintegration of Volt Wallet, which has gone from being a Calvin Ayre-backed pet project to one that can’t even close down gracefully, highlights the disaster that BSV is becoming for those projects that fall out of favor at the BSV high table.