Freewallet, the developer of user-friendly crypto-wallets, has cleared the air on recent reports that questioned the security of its platform.

The reports follow a bug detected in cryptocurrency wallet CoinPayments’ Ripple service which allowed a few users to withdraw excessive XRP from hot wallet XRP accounts.

In an official statement sent to EconoTimes, Freewallet has offered a quick insight into its security level. Here are the excerpts from the statement:

“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.

“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.”

It further pointed out that quite often the frustration of the users is caused by technical issues of the blockchain. Freewallet explained that 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”, it added.

Alvin Hagg, Freewallet co-founder, states:

“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.”