Evidence of the fraudulent nature of the Freewallet project

There are many complaints in our publications written by people who lost money due to Freewallet. But the reader may wonder whether the mere fact of loss of assets is evidence of fraud. After all (in theory) there are system failures in applications and errors by support staff. But we have facts confirming that Freewallet and its owners are systematically stealing customer assets!

Freewallet KYC scam

This is the most common type of fraud that the wallet administration engages in. On any platform and major crypto forum there are similar stories from victims.

Here is a comment from a user named Dave on the Sitejabber.com review service. The client complains that he received the transfer, but cannot log into his account. At the same time, the support service constantly changes its requirements and ignores the requests of the victim. It is important to note that writing reviews takes time. It is unlikely that the user would have published such comments on the day of the incident. That is, there is a fact of long-term blocking of assets.

And here is another negative comment, with an almost identical situation. The administration requests documents, the user sends them, but his wallet remains blocked.

On one resource alone (sitejabber), we counted 26 such complaints. Now let’s see what they write about Freewallet on one of the largest forums dedicated to cryptocurrency, Bitcointalk:

  • “When you deposit it all looks OK. I got account suspension after the very first transaction for withdrawing funds to ETH wallet (about $100 value). The system supposed it “suspicious” and they don’t wanna give me any cent back without proper “identification”.
  • “I have same issue with Freewallet, I already sent to them pictures, documents and videos, and they just request more and more videos of each transaction, I have stuck more than 500K I am looking for help, please”.
  • “until now freewallet has not returned my funds, they still hold my funds”.

We found dozens of similar comments written by different users. It becomes obvious that this is not a random, one-time incident. This is a fraudulent scheme that has victimized hundreds, if not thousands, of customers.

More than that, on Bitcointalk there is a thread named “Freewallet scam accusation – a compilation”, where you can find part of the links that redirect to similar facts of KYC scam.

Another platform, Reddit also accuses Freewallet owners in stealing customers assets. 

For example, in the community of holders of the Monero cryptocurrency, the rules directly indicate a ban on any advertising of Freewallet, and some other fraudulent services due to the unreasonable blocking of assets.

Other Freewallet issues

Although the main method used by Freewallet owners is KYC scam, we have also encountered complaints about transactions that suspiciously disappeared from history. That is, the administration simply transferred assets to a third-party address, which is easy to notice in blockchain browsers. But transactions are not displayed in the history of the wallet itself. And support ignores clients’ requests to return money.

This is how one of the authors on the Quora site evaluates the service. But this is only a generalized assessment of the wallet. In fact, under the guise of technical problems, the administration systematically steals clients’ assets.

For example here a user told that he didn’t receive his BTC. And even after 36 days support couldn’t solve this issue. Which actually means that user lost assets and they were reached by scammers.

Freewallet is not legit and its owners hide their names

This is another argument in favor of the fact that Freewallet is deliberately engaged in fraud. The multi wallet by freewallet website states that it belongs to Wallet Services Limited, Hong Kong. It’s address (Wallet Services Limited Suite A, 21/F, Eton building, 288 Des Voeux Central, Hong Kong). But! A simple search reveals that Wallet Services Limited… ceased to exist back in January 2022! That means: today Freewallet has no official owner. In the event of claims, the victims will not even have a person from whom compensation can be demanded. Unfortunately, not all beginners are aware of such nuances, which leads to the theft of coins and tokens from the wallets of gullible users.

In addition, although the official leader and co-founder is Estonian citizen Alvin Hagg, there is evidence online that Russian residents Dmitry Guniashov and Vasily Meshcheriakov are involved in the project.

According to our data, the service was founded by Russian citizen Dmitry Gunyashov. A native of St. Petersburg as of 2022, was registered in Russia, at the address St. Petersburg, Engelsa Avenue, building 111, apartment 516. At the same time, on Gunyashov’s Facebook page it is indicated that he lives in Portugal, and his business connections lead to London, where the Cryptopay office is located at 8 Devonshire Square. Despite this, Gunyashov still uses the Russian phone +79219965549 for communication.

All together, these facts create a complete picture of what is happening: the administration of Freewallet org is deliberately engaged in fraud, that is, it steals user assets under the guise of technical failures or the KYC procedure. In addition, wallet owners hide their names and provide information about a non-existent company in order to convince victims that they are dealing with a legitimate service.