One crypto wallet provider’s marketing interaction with Elon Musk has backfired with the Tesla CEO roundly criticizing the company.
Freewallet, a hosted crypto wallet service known for offering standalone storage services for cryptocurrencies has seen its marketing attempt rebuffed by Elon Musk.
Responding to Freewallet’s self-promotional message, Musk retorted:
Any crypto wallet that won’t give you your private keys should be avoided at all costs— Elon Musk (@elonmusk) February 10, 2021
Hosted crypto wallet platforms like Freewallet are often targets for criticism over the storage of their user’s private keys.
This policy flies in the face of the “not your keys, not your coins” ethos propounded by cryptocurrency purists.
By storing private keys on third-party platforms, crypto owners run the risk of rogue actors gaining access to this sensitive bit of information and compromising their wallets in the process.
Freewallet for its part has responded to the negative views espoused by the wallet's critics.