Solved - Freewallet.org making me nervous! (at the end nothing to worry about)

o_e_l_e_o

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Quote from: buwaytress on September 23, 2019, 06:09:58 AM

any kind of custodial service (whether that's a wallet provider or even just a storage facility) will by January have to be under the same requirements as any financial institution.

This is ridiculous. And I'd be willing to bet a good amount of bitcoin that before long various governments will come knocking at their doors, demanding that they hand over details of their customers and their crypto holdings, or face being shut down. And the web wallets, much like all the exchanges, will act in their own self interests and happily sell out all their customers.

Web wallets, whilst always a massive security risk, are now becoming a massive privacy risk as well. I've said it before and I'll say it again: There is no good reason to use a web wallet.

buwaytress

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Join the world-leading crypto sportsbook NOW!

Quote from: squatter on September 22, 2019, 06:19:55 PM

Indeed, I didn't learn about the new FinCEN guidance until a week or two ago. For some reason, there was zero coverage about it in the crypto media. Which is odd considering all the coverage of the FATF, whose rules aren't even binding on anyone.

FinCEN's interpretation is pretty far reaching -- perhaps a stretch too far. Why have US lawmakers repeatedly tried to pass bills imposing BSA reporting requirements on cryptocurrency services, if it was already the letter of the law?

Something doesn't add up.

I'm not 100% sure but even the Dutch central bank according to my contacts, just the last few weeks is now making it very clear that any kind of custodial service (whether that's a wallet provider or even just a storage facility) will by January have to be under the same requirements as any financial institution.

And now within the EU there are almost no bank or company that can handle crypto-related monies that won't ask you for enhanced (and not just basic) due diligence.

squatter

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STOP SNITCHIN'

Quote from: malevolent on September 21, 2019, 08:52:59 AM

Quote from: squatter on September 04, 2019, 04:22:34 AM

Keep in mind, as a wallet service they have no legal obligation to perform KYC since there is no money transmission occurring. Think about that -- why was more documentation required from you than on actual exchanges?

According to FinCEN hosted/custodial wallets are money transmitters now, and have to comply with all the KYC BS.

https://www.fincen.gov/sites/default/files/2019-05/FinCEN%20CVC%20Guidance%20FINAL.pdf

Indeed, I didn't learn about the new FinCEN guidance until a week or two ago. For some reason, there was zero coverage about it in the crypto media. Which is odd considering all the coverage of the FATF, whose rules aren't even binding on anyone.

FinCEN's interpretation is pretty far reaching -- perhaps a stretch too far. Why have US lawmakers repeatedly tried to pass bills imposing BSA reporting requirements on cryptocurrency services, if it was already the letter of the law?

Something doesn't add up.

malevolent

legendary

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Quote from: squatter on September 04, 2019, 04:22:34 AM

Quote from: CryptoDisruptor on September 03, 2019, 10:21:25 AM

Just to update that all has been resolved at the end.

A lot of KYC docs was required - more than any Exchange I have signed up before. But at the end, my faith was restored in Freewallet.org

Keep in mind, as a wallet service they have no legal obligation to perform KYC since there is no money transmission occurring. Think about that -- why was more documentation required from you than on actual exchanges?

Either Freewallet has received some horrible legal advice or this is a typical selective KYC scam. My money is on the latter. Just imagine how many people can't or won't complete this invasive KYC and end up forfeiting their funds. It's a good thing you made a thread here. Public reports are the best way to get services like this to respond.

I hope you rethink your faith in Freewallet considering what they just put you through. Next time, use a real wallet like Electrum so this never happens again.

Isn't Freewallet incorporated in the US?

https://www.crunchbase.com/organization/freewallet

According to FinCEN hosted/custodial wallets are money transmitters now, and have to comply with all the KYC BS.

https://www.fincen.gov/sites/default/files/2019-05/FinCEN%20CVC%20Guidance%20FINAL.pdf

Freewallet

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Quote from: CryptoDisruptor on September 03, 2019, 10:21:25 AM

Just to update that all has been resolved at the end.

A lot of KYC docs was required - more than any Exchange I have signed up before. But at the end, my faith was restored in Freewallet.org

The KYC process was less than a day - that I would say does impress me.

If someone does try to commit fraud via them, all I can say is GOOD LUCK!

Hello,

Thank you very much for this update.

squatter

legendary

Activity: 1666

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STOP SNITCHIN'

Quote from: CryptoDisruptor on September 03, 2019, 10:21:25 AM

Just to update that all has been resolved at the end.

A lot of KYC docs was required - more than any Exchange I have signed up before. But at the end, my faith was restored in Freewallet.org

Keep in mind, as a wallet service they have no legal obligation to perform KYC since there is no money transmission occurring. Think about that -- why was more documentation required from you than on actual exchanges?

Either Freewallet has received some horrible legal advice or this is a typical selective KYC scam. My money is on the latter. Just imagine how many people can't or won't complete this invasive KYC and end up forfeiting their funds. It's a good thing you made a thread here. Public reports are the best way to get services like this to respond.

I hope you rethink your faith in Freewallet considering what they just put you through. Next time, use a real wallet like Electrum so this never happens again.

o_e_l_e_o

legendary

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Quote from: CryptoDisruptor on September 03, 2019, 10:21:25 AM

But at the end, my faith was restored in Freewallet.org

They spring unannounced KYC on you for no reason other than you deposited your own money to their wallet (note wallet, not even an exchange).

They ask for more KYC than is necessary for literally any reason, and far more than exchanges ask for to buy tens of thousands of dollars worth of bitcoin.

They appoint themselves judge, jury and executioner by having Terms of Service which let them shutdown your account and keep all your coins for any reason they decide is "misconduct", but give no definition as to what that is.

They do all this in the hope that some users will just give up and surrender their funds.

And yet you say your faith has been restored?

No one is worried about customers committing fraud via FreeWallet. The concern is that FreeWallet will commit fraud by refusing to let you withdraw your own coins.

As I said before, I would quickly learn how to store your own coins, before FreeWallet decide once again that for some unknown reason you aren't allowed access to your own money.

CryptoDisruptor

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Just to update that all has been resolved at the end.

A lot of KYC docs was required - more than any Exchange I have signed up before. But at the end, my faith was restored in Freewallet.org

The KYC process was less than a day - that I would say does impress me.

If someone does try to commit fraud via them, all I can say is GOOD LUCK!

bitmover

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bitcoindata.science

Quote from: Freewallet on September 03, 2019, 04:46:39 AM

We do not store users data for any marketing, targeting or any other uses but verification procedure. It has prevented thefts and hacking attacks on people's accounts. In addition, all the information is included in the Terms of Use and our FAQ.

Before you receiving anyone's funds, you should let a message "we will freeze your funds at will. Do not deposit unless you want to take KYC procedure, because we consider yourself a potential hacker of your own funds"

There is no other wallet that does that, so a warning would really be honest by your side.

erikalui

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Quote from: Freewallet on September 03, 2019, 04:54:40 AM

We hope to have replied to everyone in this thread and would kindly ask the moderator to update the title to 'Solved'.

The operations in the OP's account don't have any limitations thanks to his collaboration.

It is a great pleasure to assist all of our users. <3 So, if you have any questions or are worried about anything going wrong with your Freewallet account, please reach out to our Support team in App Settings or live chat on our website, we always have someone checking all the requests.

Thanks!

The problem is not you asking for KYC but your requirements are unusual and suspicious. You have sent such emails to almost everyone who has complained "our security system has detected suspicious activity on your account" which is false as many have confirmed that their account was not compromised. How can you claim this statement is true for everyone and force them to complete KYC and then only release their funds? This proves that you'll aren't genuine.

o_e_l_e_o

legendary

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Quote from: Freewallet on September 03, 2019, 04:44:44 AM

You can move your funds freely and enjoy Freewallet for your future operations.

OP, if this is accurate, I would suggest you immediately withdraw everything you own from FreeWallet before they decide your KYC isn't good enough or something else you do is "suspicious" (like moving your own money Roll Eyes

- seriously, this is worse than a fiat bank).

If you have never held coins in your own wallet before, make sure you spend a little time to learn how to set it up properly, safely, and securely. 6.2 BTC is far more than I would be comfortable keeping in a software wallet - you should definitely be looking at hardware or airgapped wallets if you haven't already.

Lucius

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Quote from: Freewallet on September 03, 2019, 04:54:40 AM

We hope to have replied to everyone in this thread and would kindly ask the moderator to update the title to 'Solved'.

As for the answers, you are right - you reply to everyone, but you made 6 posts in a row which is against rules. This can be avoided simply by using multi-quote, all replies should be posted in one post.

Quote from: CryptoDisruptor on September 02, 2019, 05:34:26 PM

At the end they hold the keys to 6.2 BTC of mine...

You can do much better than send such amount of coins to wallet where you do not have any control. Do yourself a favor and look for better solutions, maybe hardware wallet is not 100% safe, but if we compare it to any online or desktop wallet it is far safer way to protect your coins.

Freewallet

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We hope to have replied to everyone in this thread and would kindly ask the moderator to update the title to 'Solved'.

The operations in the OP's account don't have any limitations thanks to his collaboration.

It is a great pleasure to assist all of our users. <3 So, if you have any questions or are worried about anything going wrong with your Freewallet account, please reach out to our Support team in App Settings or live chat on our website, we always have someone checking all the requests.

Thanks!

Freewallet

member

Activity: 554

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Quote from: o_e_l_e_o on September 02, 2019, 03:30:22 PM

Freewallet is a scam. You can read more in this thread: Freewallet.org is a fraudster who cheated me out of 15.2BTC

You can also review their trust page here: https://bitcointalk.org/index.php?action=trust;u=1177176

If the amount locked up by them was small, I would have advised against undergoing the KYC procedures at all, which is exactly what they want you to do so they can keep your money. They arbitrarily spring unannounced KYC on anyone who makes a large deposit, forcing you to hand over either your documents or your coins to them. Their ToS even contains borderline illegal terms which say they can keep all your funds if they think you have committed any "misconduct".

Be aware that you have now handed over all the information required to steal your identity to a bunch of unethical internet strangers. I would, at a minimum, be keeping a very close eye on your credit rating from now on.

In the future, never trust someone else to hold your coins for you. Use a software wallet like Electrum or a hardware wallet and be in control of your coins.

Hi!

The link you posted refers to a Solved thread as confirmed by its OP in a matter of days.

Freewallet

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Quote from: figmentofmyass on September 02, 2019, 09:11:44 PM

i honestly thought freewallet went the way of the dodo. i'm amazed they're still able to pull off the selective KYC scam in this day and age. the idea of people using a hosted wallet in 2019 just blows my mind.

Quote from: CryptoDisruptor on September 02, 2019, 02:23:39 PM

So important lesson learned - not your keys, not your bitcoin!!!

excellent takeaway. at least you're coming out of this with a solid lesson learned.

Quote from: CryptoDisruptor on September 02, 2019, 02:23:39 PM

4) Links to profiles in any social networks;
Facebook - xxxxxxxxxxxxx
Twitter - xxxxxxxxxxxxx
LinkedIn - xxxxxxxxxxxxx

i recommend removing these links from your OP, for privacy purposes.

Quote from: CryptoDisruptor on September 02, 2019, 05:34:26 PM

At the end they hold the keys to 6.2 BTC of mine...

Our verification procedures are not defined by the number of funds in the account.
i really hope you get it back. with that much dough on the line, i can understand why you're going through the KYC process. Shocked

Freewallet

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Quote from: CryptoDisruptor on September 02, 2019, 05:34:26 PM

I have gone through many Exchange registrations before, but never something to this level.

I dont know what to expect from them tomorrow, but will promptly provide accordingly. Will keep posted if it become ridiculous but being optimistic I can update this thread to something positive.

At the end they hold the keys to 6.2 BTC of mine...

We would strongly advise not to share the amount of funds in your account.. This information can make you a target for hackers.

We would also recommend installing withdrawal limits in your account to prevent any thefts. If you'd like more info about setting up security and limits on withdrawals, please reach out to our support team.

Freewallet

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Quote from: bitmover on September 02, 2019, 02:27:23 PM

Quote from: CryptoDisruptor on September 02, 2019, 02:23:39 PM

Hi guys

I was recommended to use Freewallet.org, i downloaded their app and did a test transaction without any issues.

The person who recommended you Freewallet doesn't know what he was talking about.
Freewallet isn't even a wallet, as you do not hold your privatekeys.

They often freeze funds, just like they did to you. Try any other wallet, a good option would be Electrum.org

I think they are not going to steal your funds, but you will need to go through that kyc verification, sadly, as they are holding your funds hostage until you give them your data (so they can inflate their data base and tag you as an investor/customer)

Completely false.

We do not store users data for any marketing, targeting or any other uses but verification procedure. It has prevented thefts and hacking attacks on people's accounts. In addition, all the information is included in the Terms of Use and our FAQ.

Freewallet

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Quote from: CryptoDisruptor on September 02, 2019, 02:23:39 PM

Hi guys

I was recommended to use Freewallet.org, i downloaded their app and did a test transaction without any issues.

As soon as i did a bigger transaction it took almost 3 hours before being displayed their side. I decided to withdraw the funds and was met with an email for further verification.

From what I have read on Bitcointalk thus far - this is going to be a mission to resolve. Let's see and will keep posted of my journey.

So important lesson learned - not your keys, not your bitcoin!!!

Follow their response here and will provide screenshots if it becomes nasty...

Hello,

We’d like to inform you that our security system has detected suspicious activity on your account. In case it was a hacking attempt, we had to temporarily suspend withdrawals from your account – this way your funds will be absolutely safe, and the access will be restored once the verification procedure will be finished.

There’s nothing to worry about – Freewallet will gladly guide you through this standard procedure and will restore the access to your account shortly.

To verify your identity, we’ll need some of your personal information. Please reply ‘Yes’ to this email in order to agree.

I replied yes and received a follow up email with request where I responded in detail:

1) Screenshots from the source of deposited funds with the details of your incoming transactions (links to public explorers are not allowed); Source of incoming payment is from my Luno Exchange Wallet in South Africa. See attached image A - showing transaction today, Image B - showing actual transaction info on my Luno App.

2) Information about the origin of your funds. It can be screenshots showing the conversion of fiat money into the cryptocurrency, a list of exchange transactions or payments from mining pools; I made an Electronic Fund Transfer (EFT) from my account to my Luno ZAR Wallet where I purchased BTC via the Exchange today. See attached Image C - list of transactions and actuals fill on the Exchange, Image D - Transfer of the Funds from my bank account, Video E - showing the ZAR deposit and every purchase order filled on the exchange - the video is taken from my Luno App.

3) A clear closeup photo of your identification document (an international ID or a driver’s license in English) being held in your hand. Scanned images are not accepted; Attached as Image K and image L

4) Links to profiles in any social networks;
Facebook - https://www.facebook.com/xxxxxxxxxx
Twitter - https://twitter.com/xxxxxxxxxxxx
LinkedIn - https://www.linkedin.com/in/xxxxxxxxxxxx/

5) The utility bill payment receipt or your bank card statement where we can see the residence address (country, city, building and so on). We should be able to see your name in this document. Information should be in English; Utility Bill attached as Image F and Bank Statement attached as Image G

6) A photo of yourself in front of the image “Attention” (attached below) on your computer monitor (if you use a web version of Freewallet) or near your mobile device with the app open so that we were able to see your user ID. Photo with Attention sign as Image H, My Freewallet App as image I & Image J

I then received the following response:

Hello,

Thank you for your cooperation!

Could you please clarify is there any possibility to provide a screenshot of transactions with more details?
We need to see the hash, the value and the address of your transactions.

Will keep posted on what comes next but I smell a rat here...

Hi!

Please check your tweet, I left a reply there as well.

In short, the security algorithm was triggered 17 hours ago and, since all the information has been received and is correct, our security specialists removed the limitations on your account - you can move your funds freely and enjoy Freewallet for your future operations.

In addition, our specialists would greatly appreciate a removal of the requested information by our security department from the post, as it gives an advantage to hackers and people trying to get access to the funds of our users allowing them to falsify documents.

Thanks a lot for your cooperation and transparency - it is a pleasure to assist you.

CryptoDisruptor

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Im being open and transparent all the way.

I can find almost nothing about the actual company online such as employees, where they domiciled etc. Apart from tracing card processing to the Acquiring bank, there is nothing else to go on. Hence why my subject that they make me nervous now - a bit to late I know.

All I want to do now is complete this KYC process. They promise my funds are safe but reading other posts on BT, Im really nervous as to what excuses and requests will be coming.

But again, keeping everyone posted. And will update post as to the outcome...

figmentofmyass

legendary

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i honestly thought freewallet went the way of the dodo. i'm amazed they're still able to pull off the selective KYC scam in this day and age. the idea of people using a hosted wallet in 2019 just blows my mind.

Quote from: CryptoDisruptor on September 02, 2019, 02:23:39 PM

So important lesson learned - not your keys, not your bitcoin!!!

excellent takeaway. at least you're coming out of this with a solid lesson learned.

Quote from: CryptoDisruptor on September 02, 2019, 02:23:39 PM

4) Links to profiles in any social networks;
Facebook - xxxxxxxxxxxxx
Twitter - xxxxxxxxxxxxx
LinkedIn - xxxxxxxxxxxxx

i recommend removing these links from your OP, for privacy purposes.

Quote from: CryptoDisruptor on September 02, 2019, 05:34:26 PM

At the end they hold the keys to 6.2 BTC of mine...

i really hope you get it back. with that much dough on the line, i can understand why you're going through the KYC process. Shocked

Topic: Solved - Freewallet.org making me nervous! (at the end nothing to worry about) (Read 356 times)