Be careful of mobile wallets that holds private keys

[Bttzed03]

"Not your keys, not your funds", that is usually the advise given to many newbies storing their assets on exchanges. Apparently, there are some mobile wallet providers that controls the private keys like FreeWallet. Using such wallet is just as bad as storing on exchanges because they can also hold your funds whenever they desire and there's nothing you can do but to comply with whatever requirements they need. Your assets may still be released but imagine the inconvenience and the lost opportunities. 

Check out the complaints of some members here who used the freewallet:
Freewallet.org is a fraudster who cheated me out of 15.2BTC
FREEWallet.org SCAM ( Don't use any of their iOS or Android APP)
FreeWallet.org - Racketeers of personal and financial data , and scammers
Freewallet is SCAM

[Freewallet]

Hi

We can see two threads started at one moment on one forum. Both are targeting the issues resolved to the customer's benefit and therefore exhausted.

Understanding that the competition is extremely tough at the point, we'd like to take this "elucidation" as another opportunity to assure our customers: we are always online to assist.

[OasisDre]

Hi

We can see two threads started at one moment on one forum. Both are targeting the issues resolved to the customer's benefit and therefore exhausted.

Understanding that the competition is extremely tough at the point, we'd like to take this "elucidation" as another opportunity to assure our customers: we are always online to assist.

Freewallet should be wise enough by now,people don't like using wallets that they don't have full control over,you need to start giving out private keys or backup phrase for freewaller users and same thing as xapo wallet,any wallet with only online access are far more dangerous

[DDante]

I'm against any mobile wallets that holds private keys to themselves, this means they have full access to users funds,I hope people know what danger lies ahead when using such wallets

[Indamuck]

I'm against any mobile wallets that holds private keys to themselves, this means they have full access to users funds,I hope people know what danger lies ahead when using such wallets

I don't see the issue if they have a good reputation and established history of good business.  Some people are so clueless when it comes to technology that they are better off with a trusted party holding their private keys so they don't get hacked.

[AdolfinWolf]

I'm against any mobile wallets that holds private keys to themselves, this means they have full access to users funds,I hope people know what danger lies ahead when using such wallets

I don't see the issue if they have a good reputation and established history of good business.  Some people are so clueless when it comes to technology that they are better off with a trusted party holding their private keys so they don't get hacked.

Then what's the point of having a wallet in the first place? Or really, having bitcoin at all? Might as well just only buy futures if you purely want to speculate.
I also think it's wrong for free"Wallet" to call themselves a wallet really, as mentioned by other people. If only they were called "free-exchange", there would've been a lot less controversy.

Just my two cents.

[whotookmycrypto]

Haven't heard of them but the Monero subreddit has this to say about them:

Mobile Wallets
Do not use the following wallet(s).

Freewallet – Please read through the many threads out there regarding Freewallet, and the selective scam that it plays on its unsuspecting users: https://redd.it/6gtrmd, https://redd.it/6gvere, https://redd.it/5m1jzc, https://redd.it/6ldf8y.

Sauce: https://www.reddit.com/r/monero/wiki/avoid/

[Denv_eagle]

I can’t remember my phone number and you want me to remember my private keys? No way. I’d better leave it to the devs. For 2 years of using Freewallet my funds were safe and sound without me having the keys.

[mk4]

I can’t remember my phone number and you want me to remember my private keys? No way. I’d better leave it to the devs. For 2 years of using Freewallet my funds were safe and sound without me having the keys.

Wait til they lock up your account for some random reason like what they did to a good number of people; or worse, they get hacked. Not because they haven't screwed you up yet, it doesn't mean they won't in the future.

Looks like you need to do some studying on custodial vs non-custodial wallets.

[rosezionjohn]

I can’t remember my phone number and you want me to remember my private keys? No way. I’d better leave it to the devs. For 2 years of using Freewallet my funds were safe and sound without me having the keys.

Who in here can memorize his private keys? That is why you need to have a back up. You can write it on a paper or a journal and store it somewhere safe. What the f*ck is wrong with these people entrusting all their funds and their personal information to a wallet provider. I hope you are not some hired freewallet defenders.

[mk4]

Who in here can memorize his private keys? That is why you need to have a back up. You can write it on a paper or a journal and store it somewhere safe. What the f*ck is wrong with these people entrusting all their funds and their personal information to a wallet provider. I hope you are not some hired freewallet defenders.

Some people are harder to convince. Apparently some people don't give a crap about privacy and security even though there are so much hacks and scams happening in the cryptocurrency space, until something bad actually happens to their funds. Some people prefer learning the hard way.

[DdmrDdmr]

<...>I also think it's wrong for free"Wallet" to call themselves a wallet really, as mentioned by other people. If only they were called "free-exchange", there would've been a lot less controversy.<...>

I agree with you there. There is not much difference with an exchange wallet, and people should read all the information available on the wallet/s they decide to use, specifically where their private keys reside:

https://support.freewallet.org/support/solutions/articles/9000097814-where-are-my-private-keys-

Where are my private keys?
Freewallet is a hosted wallet, that’s why it’s not possible to provide the private keys to the individual wallet addresses. Doing so would prevent you from taking advantage of our secure cold-storage technology, which is crucial to the safety of your funds.

This sort of wallet approach is hassle free for the user, until there is an issue that brings to the table the potential cost of being comfortable vs having the responsibility to be the custodian of one’s own crpto.

[gentlemand]

I can’t remember my phone number and you want me to remember my private keys? No way. I’d better leave it to the devs. For 2 years of using Freewallet my funds were safe and sound without me having the keys.

Nope. No one remembers their private keys. What they do is write down and store their seed which means they're forever safe from the incompetence or malice of 100% anonymous third parties.

Everything you need to minimise the risk of disaster is out there waiting to be discovered.

The track record of people choosing to trust others with ownership of their coins is well and truly pitiful but no one's stopping anyone from having a gamble if that's what they wish to do.

[Johnzky]

Lucky that in our place we can use our local wallets to store bitcoin and 3 other altcoins so I don’t need to use that freewallet at all

But thanks to this topic OP I think this will enlighten others about the offers they got while the truth is they are being hunted and lured to become a victim

[Bttzed03]

We can see two threads started at one moment on one forum. Both are targeting the issues resolved to the customer's benefit and therefore exhausted.

Understanding that the competition is extremely tough at the point, we'd like to take this "elucidation" as another opportunity to assure our customers: we are always online to assist.

Hey, this thread was not created because of "competition". This is to remind many new users to use wallets they truly own and not some wallet controlled by others.

You may have resolved those issues but you can't deny the fact that you are withholding funds of wallet users when you see fit. You are acting more like a centralized exchange and not a real wallet.

[gentlemand]

You are acting more like a centralized exchange and not a real wallet.

That's exactly what they are. The problem comes in them not being clear enough about it. I wouldn't have a beef with it if they were explicitly clear about what users were letting themselves in for so they can choose for themselves.

Their current pitch is disingenuous at best and I don't think I've come across anywhere else that operates in quite the same way.

[Mikky.Crypto]

Monero subreddit is full of screaming babies. I guess we all should dig deeper to find the best wallet for each of us.

[Honnet43]

Freewallet mobile app is the safest cryptocurrency wallet I’ve ever used. I trust them not only my crypto but my private keys too.

[gentlemand]

Freewallet mobile app is the safest cryptocurrency wallet I’ve ever used. I trust them not only my crypto but my private keys too.

Do you know - Who they are. What their security practices are. Who regulates them.

I can't find anything.

If a total stranger walked up to you in the street with a bag over their head and said 'give me several thousand dollars of your cash for safekeeping. I promise everything'll be fine' would you do it? Because this is the EXACT same thing with an even less personal touch.  

[bob123]

Freewallet mobile app is the safest cryptocurrency wallet I’ve ever used. I trust them not only my crypto but my private keys too.

Sure buddy.

Shitwallet, asking newbies to shill your 'wallet'-service a.k.a. we hold your funds hostage until you do KYC because thats what we want service, doesn't make you more trustworthy at all..






Do you really think anyone falls for some newbies shilling your shitwallet  

That's embarrassing.