Safepal (SPF) Is A Scam!? Is It True?

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Many people on social networks called Safepal a scam? What happened to them when investing this coin? Let's find out in this review now.

What is Safepal (SPF)?​

SafePal advertised itself to be a provider of efficient and highly secured hardware and software wallets for crypto investors and traders alike. These wallets are incorporated into the SafePal App, a one-stop solution, allowing users to store, manage, and easily trade their crypto assets.

SafePal was founded in Jan 2018. The SafePal Team comes from a diverse industrial background, overlapping more than a decades worth of experience in hardware, software, UI design, and cybersecurity. As a team deeply rooted in both hardware and software, SafePal aims to resolve the current pain points hindering crypto custodian experience for the masses, and combine security, simplicity, and accessibility on a unified product.

SFP is the native utility token that is used for:

  • Fees & Discounts Users may use SFP for discounts on the SafePal products and services such as the SafePal Hardware Wallet and SafePal Swap.
  • Bonus Program SafePal users can utilize SFP to claim special coupons and enjoy extra yields on the SafePal Earn and Lending programs.
  • Rewards & Incentives SFP token holders have the privilege to enjoy incentives such as token airdrops from ecological partners, staking rewards, or limited SafePal NFTs.
  • Community Governance SFP token holders have the ability to create proposals and vote for new features such as adding new blockchains on the SafePal products.

Safepal (SPF) scam accusations​

"Safepal Wallet" scammed users through Firefox add-on​

A malicious Firefox add-on named "Safepal Wallet" scammed users by emptying out their wallets and lived on the Mozilla add-ons store for seven months.

Although the malicious browser add-on has been taken down, BleepingComputer has seen the phishing website set up by the threat actors is still up.

The add-on page for 'Safepal Wallet', seen by BleepingComputer, stated the add-on was up since at least February 16th, 2021.

On the same page, the 235 KB add-on touts itself to be a Safepal application that securely "saves private key locally," along with convincing product images and marketing materials.

To publish an add-on on Mozilla's website, developers are required to follow a submission process that states submitted add-ons are "subject to review by Mozilla at any time." But, it isn't clear to what extent are submissions reviewed with regards to their safety.

Within five days of Cali's public report of the incident this month, a Mozilla spokesperson responded that they were investigating. The page has since been removed by Mozilla.

Is this add-on created by the real Safepal team or not? We still don't know the answer yet.

While investigating the malicious Firefox add-on, BleepingComputer came across the phishing domain used by the add-on. This webpage, shown below, was also listed as the "support site" link on the fake add-on's home page:

WHOIS records indicate the phishing site was registered in January this year via Namecheap. At the time of writing, the webpage is still live and instructs the victim to key in their "12-word Backup Phrase in the correct order to pair your SafePal Wallet."

Crypto users called SafePal is scam in many social networks​

The project has extremely low score on Trustpilot which negative feedbacks took over 77%. Many people had alleged they suddenly lost money in their Safepal wallet and most of the accounts of SPF’s safe on Telegram group are fake.

“The new Safepal wallet does not turn on out of the box, does not respond to charging (tried with different cables and charged for more than 24 hours). Support is not responding. Money down the drain.

Update - during 3 days, went through almost a dozen cables, including a cable from a macbook, in the end I was able to charge the device only with an old cheap cable. I did not understand the reasons for such selectivity to the cable of this device.” - A user said

Another user added “ULTIMATE HACKER JERRY currently collecting funds back for all victims who fall into scams, Hurry up and contact him explain your situation to him he will help you in all crypto scam recovery funds, bitcoin scam recovery, investment scam, mobile spy”

Do you think that Safepal (SPF) is a scam according to our researching above? Let's us know your thought by leaving words in the comment box below. We're looking to hear from you.
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