Ordinals Wallet Review: Exploiting Bitcoin-based NFT Craze

The group of people that run this business entity is completely unknown. There is no information about any company that might be behind the service, or even a Terms and Conditions document.

There’s one thing we do know when it comes to these anonymous businesses, and it’s that you shouldn’t trust them with your money! Find out why so many people complain about this service in our Ordinals Wallet review.

 Unknown Ownership Structure

Whoever runs the ordinalswallet.com website and the service hosted on it went the extra mile to remain anonymous. At the time of writing this Ordinals Wallet review, there exists only speculation and no conclusive data.

Conducting any business through an unknown intermediary is a recipe for disaster. Since there is no corporate information, no address, and no phone number, nobody is there to take responsibility if something goes horribly wrong. This lack of transparency is quite common with various tricksters like BitStorage, for example. Needless to say, we cannot recommend dealing with this service.

Blacklisted For Illegal Conduct

The platform itself is conceptualized in such a way as to carefully slither between various kinds of services to best avoid regulation. Unfortunately, crypto legislation is not so easily circumvented. The website provides a non-custodial hot wallet for Bitcoin Ordinals, something that is not yet regulated. Still, adjacent services, like the sale and purchase of crypto assets, are heavily regulated.

The site features a seamless integration with a crypto sales website, which makes it act as an intermediary. As such, they should be licensed, but the FCA investor warning clearly tells us that this is not the case.

This warning, combined with the fact that the owners are basically unknown, is strong evidence that the Ordinals Wallet crypto platform is a scam.

Users Are Outraged

The ordinalswallet.com domain has not been around for very long, having been created in February 2023. Users are mostly people from these nations:

• United Kingdom
• Spain
• France
• Germany

Although the website traffic is quite high, there are only a very small number of Ordinals Wallet reviews around. Nearly all the reviews are negative, mind you. Looking at the TrustPilot page, it’s 100% 1-star ratings, while over at Reddit the users are openly calling the platform a scam.

How The Scheme Proliferates

Ordinals Wallet scam has gained a cult following, mostly thanks to its viral advertising on social media. Much of this comes from the platform’s official X page, where the concept of Ordinals is purposely heralded as “the future of internet-based media.” Sprinkle in some fake screenshots of people talking about earning thousands overnight for an airdropped Ordinal that Mooned, and you got yourself a mass of young adults suddenly forgetting all about the NFT market crash.

These followers still need a Satoshi to inscribe their Ordinals into, so you need a way to sell Bitcoin. Enter Moonpay, a notoriously shady crypto onboarding service. The circle is now complete, and the fraudsters go to work.

Software Overview

Service features are split between several embedded website functions and a separate API. Website operations include connecting a personal Bitcoin wallet, inscribing an Ordinal into a Satoshi, and speculative trading through a basic WebTrader called “Market.”

The WebTrader itself is best described as horribly unstable. It draws charts with a history no longer than 5 days, crashes every minute or so, and sometimes even lets users browse Ordinals or place buy/sell orders.

The purpose of the API is to track, fetch, update and otherwise manage Ordinals on the blockchain and within the user’s connected wallet. The API is currently available for acquisition via a GitHub repository.

Nobody Talks About the Pricing

It’s time to get serious because we’re about to talk about hard cash. The company, if you can call it that, doesn’t outline any service costs. That means no information about fees, commissions, or other charges.

The only information available is from the affiliated BTC onboarding company we mentioned earlier. It charges an ecosystem fee of ~2.70% and a MoonPay fee of ~1%. Still, this is not related to Ordinals Wallet Bitcoin Ordinals inscription and trading fees. Remember, hidden fees and unclear pricing are a staple of online con schemes like PitRex.

Convoluted Withdrawal Procedure

Dealing with cryptocurrencies is difficult enough for a newcomer, but dealing with a specialized asset like Ordinals is even more so. It’s not too big of a stretch to imagine a novice crypto investor getting lost in a sea of wallets, APIs, community websites, and exchanges.

The only thing simple about this service is the creation of an Ordinals Wallet login. The rest is pretty much guesswork, as there is very little technical documentation to go around. You won’t even find a manual!

This, combined with all of the issues we discussed earlier in our article, creates a breeding ground for various tricksters. Assets may be sent to the wrong address. Clients may receive Satoshis that don’t contain what they’ve bargained for, or the platform operators themselves may decide to appropriate an asset altogether.

Got Your Cryptos Stolen? We Can Help!

Even with modern regulatory standards in place, there will always be dangerous groups that try to take advantage of investors. Cryptos, being an asset that exists only in the digital world, is seen as a perfect target for unscrupulous people.

Chasing down lost or malicious transactions is a difficult ordeal, but with the proper tools and training it is possible. Our expert team has all of the knowledge and experience to help you recover the stolen coins. We have provided you with a live chat which you may use at any time to book a free consultation with our team.

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