Both Freewallet and Cryptopay have been identified as two of the biggest fraudulent schemes in the cryptocurrency space. Investigations reveal that the same individuals are behind both services. Today, we’ll uncover the key figures responsible for these scams.
Dmitry Gunyashov
Dmitry Andreevich Gunyashov, born in 1988 in St. Petersburg (formerly Leningrad), is linked to both Cryptopay and Freewallet. While his Facebook page claims he now resides in Lisbon, Portugal, he remains officially registered in St. Petersburg. Gunyashov’s public affiliations with Cryptopay are well-documented — he is the co-founder and head of the service. However, his connection to Freewallet is less overt but will be explored further.
Beyond Cryptopay and Freewallet, Gunyashov has dabbled in a couple of other ventures, including:
An iPhone Store in St. Petersburg: Launched in 2012, this business quickly folded.
The Foundation for the Development of Russian Martial Arts: Although Dmitry isn’t listed as a founder, his phone number remains tied to the foundation’s “Martial Arts Center.”
Gunyashov’s lack of expertise in IT or finance begs the question: How did he manage to lure thousands of clients into his crypto projects?
The Freewallet scam model
Gunyashov’s success lies in creating a financial pyramid where older victims unknowingly pay for the attraction of new ones. Unlike traditional pyramid schemes, neither Freewallet nor Cryptopay overtly signal the risk of loss. Here’s how their simple yet effective scheme works:
The client creates an account on Freewallet or Cryptopay.
They deposit funds, whether in cryptocurrency or fiat.
Under the guise of technical issues or KYC procedures, the user’s account is blocked. Since users don’t possess private keys, they can’t withdraw their assets.
A portion of the stolen funds is pocketed by the fraudsters, while the rest is used to fuel aggressive marketing campaigns.
Both services have gained a bad reputation in the crypto community. Reddit forums and review sites consistently flag them as scams. Nevertheless, with money siphoned from victims, Gunyashov and his team fund positive reviews to mask their fraudulent operations, attracting more unsuspecting customers.
Vasily Meshcheryakov
Born in 1984 in Leningrad, Vasily Vyacheslavovich Meshcheryakov is another key player. Although his past is also obscure, he’s credited with founding a gaming-focused Telegram channel and blog in 2016. His ability to engage a young, tech-savvy audience proved invaluable in crafting the promotional strategies behind Freewallet and Cryptopay. Today, Vasily is responsible for the PR and marketing of these fraudulent ventures.
Meshcheryakov’s wife, Natalya Vladimirovna Ogneva, also plays a possible role. Although not directly implicated, her decade-long career in marketing IT projects, including work for Russian digital giant i-Free, suggests she may have contributed to the marketing success of these schemes.
Beyond his work with Cryptopay and Freewallet, Vasily also serves as the General Director of Dioram, a Russian company involved in cutting-edge computer vision technology. This venture, partly funded by the state, provides another revenue stream for Meshcheryakov.
Other key figures of Freewallet
Alvin Hagg, a citizen of Estonia, is officially listed as the co-founder of Freewallet. However, many victims have questioned his limited public involvement. Some suspect that Hagg may be a mere figurehead, with others pulling the strings behind the scenes.
Alexey Gunyashov, Dmitry’s brother, has also been linked to shady investment schemes, though on a much smaller scale than Freewallet and Cryptopay. His involvement in “Integrity Farm,” a vertical farming project that promised high returns, is an example of his dubious business ventures.
Anton Makhno, another associate of Dmitry, has appeared in discussions and photographs related to the schemes. However, his exact role remains unclear.