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Multi Crypto Wallet: for Bitco

Latest release: 3.0 ( 23rd February 2021 ) 🔍 Last analysed 20th February 2022 . No source for current release found Not updated in a while
3.8 ★★★★★
44 ratings
1 thousand
1st February 2020

Jump to verdict 

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

Without public source of the reviewed release available, this product cannot be verified!

As part of our Methodology, we ask:

No Source!

Is the source code publicly available?

If the answer is "no", we mark it as "No source for current release found".

A wallet that claims to not give the provider the means to steal the users’ funds might actually be lying. In the spirit of “Don’t trust - verify!” you don’t want to take the provider at his word, but trust that people hunting for fame and bug bounties could actually find flaws and back-doors in the wallet so the provider doesn’t dare to put these in.

Back-doors and flaws are frequently found in closed source products but some remain hidden for years. And even in open source security software there might be catastrophic flaws undiscovered for years.

An evil wallet provider would certainly prefer not to publish the code, as hiding it makes audits orders of magnitude harder.

For your security, you thus want the code to be available for review.

If the wallet provider doesn’t share up to date code, our analysis stops there as the wallet could steal your funds at any time, and there is no protection except the provider’s word.

“Up to date” strictly means that any instance of the product being updated without the source code being updated counts as closed source. This puts the burden on the provider to always first release the source code before releasing the product’s update. This paragraph is a clarification to our rules following a little poll.

We are not concerned about the license as long as it allows us to perform our analysis. For a security audit, it is not necessary that the provider allows others to use their code for a competing wallet. You should still prefer actual open source licenses as a competing wallet won’t use the code without giving it careful scrutiny.

But we also ask:

Stale!

Was the product updated during the last year?

If the answer is "no", we mark it as "Not updated in a while".

Bitcoin wallets are complex products and Bitcoin is a new, advancing technolgy. Projects that don’t get updated in a year are probably not well maintained.

This verdict may not get applied if the provider is active and expresses good reasons for not updating the product.

The product 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 product 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.