Freewallet Founder Calls Reports of Stolen $8m in Ethereum “Fake News”

He blames delays in ETH transaction processing on the Ethereum blockchain being overloaded with Bancor ICO.

Freewallet – known for its mobile Bitcoin, Ethereum and Monero wallets – has issued an official statement about the reports that someone has stolen over 21,000 ETH (worth over $8 million) from random Freewallet wallet apps.

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Freewallet claims that since its very first day of operation, it has been using the most progressive multisignature key storing approach, as well as multilayer security systems which are the best practice for the largest companies in the financial technology industry. It says that this makes Freewallet a service with a “bank level security grade” and added: “…none of Freewallet users lost a single coin.”

Alvin Hagg

Alvin Hagg, Freewallet co-founder, stated: “I am very upset to hear fake news about Freewallet that aroused concerns in the community. We are proud to be #1 altcoin wallet in app stores and consider it to be a great responsibility. The whole Freewallet team is working around the clock to deliver the fantastic experience to our customers.

Although Freewallet team understands the users concerns about the security level of the service they use, we kindly draw your attention to the fact that often the frustration is caused by technical issues of the blockchain itself. Thus, recent concerns were raised by a delay in Ethereum transaction processing, caused by the Ethereum blockchain being overloaded with Bancor ICO transactions on June, 12th. All the transactions have been processed successfully while Freewallet Support team has kept the finger on the pulse and made sure all queries are properly handled.”

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