Cobo: Support crypto savings, PoS, gain products.latest release: 5.10.1 last analysed 18th June 2020
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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.
The Analysis ¶
Update: This wallet was one of the first wallets that was analyzed and back then the custodial wallet was detrimental to call the full wallet custodial. As it apparently also has a non-custodial part, this verdict is not accurate anymore.
This app is at least primarily a custodial wallet:
Designed for user convenience and worry-free investing
Generate stable returns on your crypto assets
Free, instant transfers between Cobo Wallet users
but also has a non-custodial
Take full control of your assets and private keys for maximum safety
Easily import your mnemonic seeds from other wallets you may own
Support for DApps
EOS & Tron voting
As there is no source code available, claims cannot be checked, which is why the verdict has to be: this wallet is not verifiable.
Without public source of the reviewed release available, this app cannot be verified!
As part of our Methodology, we ask:Is the source code publicly available? If not, we tag it
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 app 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 app’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.
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