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Flits: Masternode and staking wallet

latest release: 4.4 last analysed  6th March 2021
No source code found
4.4 ★★★★★
2009 ratings
10thousand

Published:

Our last analysis is based on data found in their Play Store description and their website.
details below 

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Do your own research!

Try out searching for "lost bitcoins", "stole my money" or "scammers" together with the wallet's name, even if you think the wallet is generally trustworthy. For all the bigger wallets you will find accusations. Make sure you understand why they were made and if you are comfortable with the provider's reaction.

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The Analysis

This app appears to support Bitcoin:

Use Bitcoin or Etherium to get started and deploy a masternode in seconds with the Flits app!

and self-custodial:

You are the only one who controls the keys! Your crypto funds are 100% safely stored inside your phone!

but can we verify those claims?

On their website they brag with:

311 BTC
Total wallet value

so they have quite some insight into their users’ financial activity. Certainly not great if you want more privacy. Together with the other claim:

33706
Users

we get to an average balance of 9mBTC or $440US.

What we can not find though is their source code, so the app is not verifiable.

(lw)

Verdict Explained

No source code found

Without public source available, this app cannot be verified!

This verdict means that we could not find any source to compile the app from. Internally the company might do everything right but as we can't verify it, there is nothing protecting the user from an exit-scam where the provider releases an app that leaks the keys to the servers.

The app cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The app might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.