Our experience shows that crypto investors often use Freewallet app for payments in altcoins. Today we will explain why this mistake can lead to losing all your assets!
Bytecoin is one of the oldest altcoins. This cryptocurrency was founded in 2012. The peculiarity of Bytecoin is the use of the Cryptonote algorithm, which increases the anonymity of transactions. Unlike Bitcoin or Ethereum, BCN coins are automatically mixed, which makes it difficult to identify the participants of the transaction.
This alone makes Freewallet Bytecoin transactions meaningless. Freewallet is a custodial wallet. Users do not have private keys, and the administration can easily keep a log of client activity. So, if you use custodial apps to transfer BCN, you will have to forget about anonymity. But this is not the main problem of Freewallet!
Freewallet is a scam designed to steal assets
In this screenshot, you can see one of the Instagram photos of Freewallet owner Dmitry Gunyashov. One of the commenters asks Dmitry why he stole his money and also hacked his email. You can find hundreds of similar comments and complaints on our website. Freewallet cryptocurrency wallet is launched by a group of scammers from Russia.
The scheme by which criminals steal cryptocurrency from customers' wallets is very simple:
- The customer installs the Freewallet app and sends a few coins, such as Bytecoin, to his wallet.
- As soon as enough money appears on his balance, the administration freezes his account.
- The user tries to pass verification, but the support team ignores his messages and tickets.
Using Freewallet for Bytecoin payments is a mistake, as your BCNs will be stolen by the administration. We call this situation Freewallet KYC scam
Take a look at the reviews. Most of Freewallet customers have already lost their assets, including Bytecoin. Some of them tried to pass verification, but their attempts failed!
We should also warn you that Freewallet Bytecoin transactions can get "lost". More precisely, the transfer itself, of course, happens and is displayed on the blockchain. But if you go to your wallet, you will not see the transaction, and the support team will claim that you made a mistake and it's your fault the coins came to the wrong place. In fact, the administration simply steals assets, after which it deletes the negative comments of the victims!
Bytecoin via Freewallet: are there any alternatives?
Yes, absolutely. You should not send Bytecoin through Freewallet, as this project is a complete fraud. Moreover, the creators of this project are Dmitry Gunyashov and Vasily Mescheryakov, who are natives of the Russian city of St. Petersburg.
Now go to the Freewallet org website and try to find any information about these people who actually run the projects. You will not find a single mention, not a single contact. The reason is simple: the project creators hide their names, addresses and phone numbers. Because Freewallet org steals customers' savings, which is a typical internet scam!
So you should not send Bytecoin through Freewallet: otherwise you will lose your BCN.
But there is an alternative to Bytecoin payments via Freewallet. Try to find a reliable and safe wallet that doesn't require storage. We can't name any specific application, as our goal is to warn about online fraud committed by Freewallet owners, not to advertise any other services!
