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Multi Crypto Wallet: for Bitcoin and 20 currencies

latest release: 3.0 last analysed  10th April 2021
No source code found
4.6 ★★★★★
38 ratings
1thousand

Published:

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

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.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis

This app has a rather special description that looks more like a dictionary so I’m not 100% sure if they claim the app to have those features but lets assume they do:

Cryptowallet

A multicryptocurrency wallet is a device, physical medium, program or a service which stores the public and/or private keys and can be used to track ownership, receive or spend cryptocurrencies.

and

A mnemonic sentence is considered secure. The BIP-39 standard creates a 512 bit seed from any given mnemonic. The set of possible wallets is 2. Every passphrase leads to a valid wallet. If the wallet was not previously used it will be empty.

So it is a BIP39 (self custodial) Bitcoin wallet.

This app has no website with further claims or a link to source code.

The only two reviews are:

Frank Omekedo
★★★★★ 3 June 2020
Best and excellent app to download. Only this app. Rush and download

and

Ricardo Davila
★☆☆☆☆ 14 March 2021
Tried to deposit some coins and so far nothing has come through even though it’s already confirmed on the blockchain… Careful might be a scam

I tend to trust Ricardo more than Frank or the provider in this case and suggest to not trust this app without further investigations.

Without further information we have to file it as closed source and therefore 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.