Freewallet has left yet another user frustrated and financially stranded. This story highlights how their shady practices can impact anyone who trusts their platform.

Freewallet has been accused of engaging in deceptive practices, particularly KYC (Know Your Customer) fraud, to unlawfully seize user funds. Customers often report being blocked from accessing their wallets after receiving vague notifications about «suspicious activity.» In some cases, the process is even more blatant—users claim their assets are directly deducted without explanation.

A user recently shared a frustrating ordeal with Freewallet after years of using the service without issues. They originally set up their Freewallet account in 2018, gradually depositing various cryptocurrencies like Fantom Coin, Classic Monero, and Monero (XMR), some of which came from their MinerGate mining activities. For years, everything seemed to go smoothly, and in 2021, the user even converted most of their XMR to DOGE and ETH without incident.

However, in September 2024, things took an unexpected turn. When the user tried to convert their DOGE back to ETH within Freewallet, they encountered a sudden account block. Freewallet required identity verification, which the user promptly provided. But instead of solving the issue, this led to a cycle of repetitive, frustrating requests from Freewallet support. Each time the user submitted the requested ID, photos, and documents, they received responses asking for the same information again. To make matters worse, Freewallet’s system kept creating new ticket numbers each time the user replied, adding further delays and confusion.

Alvin Hagg, the co-founder and CEO of Freewallet.org, has long shunned the spotlight. However, our recent investigation has unveiled a shocking truth: the real masterminds behind the Freewallet scam are two Russian immigrants, deeply involved in another fraudulent cryptocurrency venture, Cryptopay. Among them, Vasily Mesheryakov stands out as the primary PR manager orchestrating these scams.

Freewallet is promoted as a secure multi-currency wallet, but numerous reviews expose it as a major scam. Many users have lost their savings due to blocked or failed transactions. Similarly, Cryptopay, a payment and exchange service, entices victims with low fees, only for them to discover that they cannot withdraw their assets. Our findings reveal that both Freewallet and Cryptopay share the same ownership and employ identical fraudulent tactics.

Dmitry Gunyashov, another key figure, is believed to be at the helm of these operations, despite lacking experience in legitimate business management. His expertise lies in orchestrating scam operations while evading legal repercussions. The scheme is simple: clients create accounts, deposit funds, and then find their accounts blocked, leaving them unable to access their assets.