Freewallet: Cryptocurrency Market Security Challenges

The rapidly developing technologies in the cryptocurrency industry encourage several individuals into experiments with overcoming different security levels.

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Freewallet: Cryptocurrency Market Security Challenges

Jun 13, 2017. The rapidly developing technologies in the cryptocurrency industry encourage several individuals into experiments with overcoming different security levels.

Recently a discussion about the security level of different cryptocurrency wallets was raised after a vulnerability has been discovered in one of Freewallet’s opponents. We come to you with a quick insight into Freewallet security level that is essential to make our users feel even more protected.

In case of a badly protected wallet, unencrypted backup phrases are stored on the user’s mobile phone. From our view, this makes the wallet vulnerable and open for any violator that gains access to the phone. A person that obtains the backup phrase can restore the wallet from scratch, including the private keys, and withdraw the user’s funds for its own benefit.

In response to this global challenge to the market, since the very first operating day Freewallet 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. This makes Freewallet the service with a bank level security grade.

Freewallet offers 14 cryptocurrency wallets; to keep them running perfectly, we have gathered a strong team of quality-driven professionals that has developed a unified technology to ensure the assets are stored securely and reliably. During more than 1 year of successful operating on the market, we’ve kept the users’ funds safe and none of Freewallet users lost a single coin.

Alvin Hagg, Freewallet co-founder, states:

“I am very sad 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 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.

For any inquiries regarding this issue, please contact us at pr@freewallet.org, PR department, Freewallet.