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Coin98 Wallet - Crypto Wallet & Payment Gateway

latest release: 9.3.1 last analysed  19th April 2021
No source code found
4.7 ★★★★★
5204 ratings


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

The Coin98 website claims to be a wallet from their description…

Coin98 Wallet is the simplest and most secure crypto & bitcoin wallet to store, send, receive and manage your crypto assets, such as Bitcoin (BTC), Ethereum (ETH), TomoChain (TOMO), Ethereum-based ERC20 tokens. etc.

so it claims to manage BTC, it also claims users are in control of their private keys, hence the wallet claim of being non-custodial

Taking full control of your assets with Biometric Authentication and Private Keys: managed by you, none of your personal data collected by the App.

with no source code repository listed or found…

Our verdict: This ‘wallet’ claims to be non-custodial but does not provide public source and therefore is not verifiable.


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.