Freewallet

UPDATE 27 November 2024: We have received disturbing reports of a wallet going by the name of Freewallet or FRWT Wallet. One user provided this thorough description of fraudulent events (copypasted in its entirety) to us:

Background: Freewallet’s History of Fraud

Freewallet originally emerged as a cryptocurrency wallet that claimed to offer users a secure platform to store and manage their digital assets. However, since its inception, the platform has developed a notorious reputation for deceptive practices, and countless users have reported losing their funds after being locked out of their accounts. Despite thousands of complaints, Freewallet has continued to operate freely, exploiting new users who are unaware of the risks.

Key Methods of Deception:

KYC Fraud: One of Freewallet’s most infamous practices is its abuse of the Know Your Customer (KYC) verification process. Many users report being required to submit personal documentation—such as ID cards, photos, and even videos—only to have their accounts frozen indefinitely. Despite fulfilling all verification requests, users remain locked out of their wallets and are unable to access their funds. This is a thinly veiled method of asset seizure, disguised as regulatory compliance. Such tactics have been widely documented, with victims spread across multiple countries.

Complaints regarding this KYC fraud have flooded websites like SiteJabber and TrustPilot, with hundreds of users recounting similar experiences: they deposit funds, attempt to make a transaction, and suddenly their accounts are “suspended” due to "suspicious activity." Even after providing all the requested documentation, the platform either ignores their requests or demands further verification, often impossible to complete. This has led to massive losses, with some users reporting that they lost up to six-figure sums.

Inactivity Fees – Another Layer of Deception: Freewallet also introduced hidden "inactivity fees," which have blindsided many of its users. Victims have reported that Freewallet started deducting coins from their accounts without prior notice, allegedly due to inactivity. However, no legitimate blockchain wallet charges users for simply holding assets, and this fee structure is not openly discussed in their terms and conditions. It is simply another method to steal funds from users under a false pretense.

Imagine opening your crypto wallet after a few months of inactivity only to find that all your funds have disappeared without explanation. Several users have raised this issue, noting that they were unaware of any such terms when they signed up. This "inactivity fee" is yet another attempt to unjustly profit from users who trusted Freewallet with their savings.

The Rebranding Scam: FRWT Wallet

Due to mounting negative feedback and increasing reports of fraud, Freewallet has recently rebranded its services under a new name: FRWT Wallet. This new platform, advertised as a “safe and secure” DeFi solution, follows the exact same fraudulent patterns as Freewallet. The FRWT Wallet is nothing more than a new mask for the same old scam, and it is actively deceiving users who believe they are using a legitimate service.

The deceptive marketing behind FRWT claims that it is a “non-custodial wallet,” implying that users hold their own private keys. However, many users have found that, once funds are deposited, the same tactics employed by Freewallet—freezing accounts under the pretense of KYC compliance—begin again.

Google's Response and the Need for Further Action

Recently, Google took the significant step of removing FRWT from the Google Play Store after numerous complaints. This action was a massive victory for the crypto community, but unfortunately, it is only one battle in a larger war. Freewallet and FRWT remain operational on other platforms, including Apple’s App Store, where they continue to lure in new victims.

We believe this scam should be widely exposed so that no more users lose their hard-earned money to these fraudsters. Thousands of complaints have been filed, and victims continue to suffer due to the lack of regulatory oversight or enforcement in the crypto space. The removal of FRWT from Google Play is an important milestone, but the fight is far from over.

Help in publicizing the problem!

We urge you to use your platform to further investigate and report on this ongoing scam. With your reach, you can help bring more attention to the following key points:

Freewallet and FRWT Wallet are managed by the same team of scammers, who have systematically deceived users for years.

KYC fraud is a primary method used to lock accounts and steal funds. Victims are left in limbo, unable to access their money despite complying with all requests for verification.

Inactivity fees and other hidden charges are used as an excuse to drain user accounts. These fees are not typical in legitimate blockchain wallets and are just another tactic to siphon funds.

Google has removed FRWT from its store, but Apple has yet to follow suit. We need media pressure to ensure other platforms take similar action to protect users.

Resources for Further Investigation: FreewalletReviews.org: A comprehensive collection of user experiences and evidence of Freewallet and FRWT's fraudulent activities.

RealReviews.info: Another vital source highlighting the ongoing deception of these wallets.

Freewallet-report@tuta nota.com: An email for victims to report their experiences and seek assistance in recovering their lost funds.

By amplifying the voices of victims and pushing for further action, your reporting can help ensure that other potential victims are protected from this scam. We hope you will consider dedicating coverage to this issue, as it represents a significant threat to the crypto community at large.

Accordingly, we have removed this wallet from our Cryptocurrency Wallet List until further notice.

To find an active cryptocurrency wallet, please refer to our Cryptocurrency Wallet List.