When I read
fuckpay's thread a few days ago, I was thinking a Newbie warning flag might be good. It's not the first scam accusation I've seen on Freewallet.
However, until now they resolved the issues after jumping through their hoops, and I believe it's in their Terms. But we all know most people don't read Terms, and that would justify a Newbie warning flag.
I've said it before: Freewallet is not a "wallet" by my definition. A wallet gives you access to your private key, and puts you (and only you!) in charge of your coins. They're an exchange pretending to be a wallet. This is misleading. Flag supported.
That being said, sending that much money to any service without doing some very serious background research isn't the smartest thing to do.Quoting myself from earlier scam accusations:
So Freewallet is asking KYC information before you can access your "wallet" again?
In my definition, a wallet is something that gives you and only you full access to your private keys, which means you and only you have full power to do whatever you want with your funds.
If Freewallet has the power to freeze your funds, why does it call itself "wallet" and not (for instance) "bank"?
We are based on our terms and conditions. To prevent third parties from gaining an unauthorized access to the users account, we may ask for additional verification.
I read that.
My point is: that means what you call a "wallet" is not a wallet!
Freewallet didn't respond to this post.
The reason behind blocking the user's account is more complex than just the amount of funds. Our security is powered by a sophisticated algorithm developed by top specialists in the industry, so we wouldn't take it on lightly.
I've said it before: you should stop calling your service a wallet. This is misleading, as a wallet is something that gives the user full and unrestricted access to his private keys.
What you're running is more like a bank, users are at your mercy.
Your website literally says: "make access to coins easier". How exactly are you making it easier by blocking transactions?
Freewallet responded:
We make this access easier thanks to an easy and comfortable interface, swift processing of transactions and many other helpful features.
At the same time, any process dealing with people's money requires a very high level of safety. If we launch the verification procedure it solely means all operations on this particular account will be scrutinized to make it as secure as possible.
I'm glad none of my wallets is at the mercy of someone with a financial incentive to keep my money away from me.