Another victim of Freewallet scammers has contacted us. A man named Alexey currently lives in Spain. He has been using this application since 2018. In the first years, the wallet seemed quite convenient and reliable. The amount of savings grew. Small transactions were processed without problems....

And now, in April 2024, scammers stole more than 50,000 euros from a client. Or rather, the wallet is still only “blocked due to suspicious activity.” But we understand perfectly well that the administration simply decided to take the client’s savings.

20 ETH blocked on the victim’s account

In the screenshot above you can see the client’s balance. The amount of savings exceeds 20 ETH, which is about 55 thousand euros. While the client was withdrawing small amounts, the wallet was working. As soon as the victim tried to withdraw a significant part of his savings, the Freewallet administration froze the payment under the standard KYC fraud scheme.

This is what the victim himself wrote to us:

Until yesterday it was working fine, but when I tried to withdraw money I started having problems with verification. 20 eth is stuck on balance. I’m trying to play by their rules, so far only correspondence. But soon there will be statements to the police.

Alexey lost coins due to a typical Freewallet KYC fraud scheme

When a client receives a large incoming transaction, the Freewallet wallet is blocked. This usually happens without warning.The user writes to technical support, and after some time they respond that “suspicious activity has been noticed.”

First, the user is asked to confirm his email or change his password.

Next, the administration begins to require documents in accordance with the KYC/AML procedure.

User requests are considered for a very long time, the security service constantly rejects documents or makes new demands. In the end, victims simply resign themselves to losing money. Freewallet wallet doesn’t just block accounts. Frozen coins will sooner or later move into the pockets of the application developers.

Alexey provided us with all the correspondence and screenshots. They show that there was no suspicious activity. All coins came to the account from verified sources; there were no “dirty” or fraudulent transactions.

Another criminal case?
We previously reported: in two countries, law enforcement officers became interested in the activities of Freewallet. With our help, the victims prepared detailed statements about the crime. These requests have been accepted for consideration.

Apparently, the same result will happen in Spain in the near future.

We will help victims prepare and file formal statements and will remain in contact with investigators. Freewallet scam needs to be stopped!

Freewallet-report@tutanota.com

If you find yourself in a similar situation, don’t waste your time. Contact us for help. Provide the details and we will help you take steps towards an official investigation and bringing the scammers to justice.

We guarantee anonymity (if you wish).