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AABB Wallet

latest release: 1.0.1242 ( 23rd November 2021 ) last analysed  26th October 2021 No source for current release found 
4.4 ★★★★★
577 ratings
5 thousand
8th March 2021

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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.

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 

App Description

blockchain wallet for all crypto coins and tokens, including: BTC, ETH, LTC, and AABBG.

  • Send and Receive Crypto by SMS or Email with iTransfer
  • AABB Wallet is designed to protect you against thieves and hackers, while allowing you to manage your funds easily. Your digital assets are secured with the AABB Wallet. Backup 6-word passphrase and AABB Wallet asks for your PIN Code every time you open your cryptocurrency wallet and make transactions.
  • AABB Wallet never tracks, holds, or accesses your crypto - you are in complete control of your wallet. If necessary, restore your cryptocurrency wallet on any device with your 6-word passphrase.
  • Send and receive crypto instantly with instant P2P, B2C, and B2B transactions
  • Safely participate in ICO’s and TGE’s by storing multiple cryptocurrencies in AABB Wallet

The Site

The company behind this service is Asia Broadband, Inc.

Terms of Use

The service’s termination clauses does not include the active ability to freeze or suspend the user’s accounts.

Section 9.1 We or our Service Provider may terminate this License immediately at any time for whatever reason.

Section 9.2 Upon termination for any reason:

a – All rights granted to you under this License shall cease

b – You must immediately cease all activities authorized by this License

c – You must immediately delete or remove the Software from all computer and mobile equipment in your possession, and immediately destroy or return to us (at our option) all copies of the Software and Documents then in your possession, custody, or control and, in the case of destruction, certify to us that you have done so.

The app has its own token, the AABB Gold Token which they say is “backed by $30 million in physical gold owned by Asia Broadband, Inc.”

The App

Upon installation of the app, we are asked to create or import a wallet. The backup phrase is only 6 words which means this app is at best not compatible with BIP 39 compatible wallets and at worst can be easily hacked. There is BTC support as well as other coins and tokens.

A referral option is available.

Users can fill out AML/KYC forms to get increased transaction limits.

Verdict

We are led to believe that this wallet is a self-custodial wallet. However, the presence of “ICOs” should give the user some circumspection about the app. Additionally, the name Asia Broadband Inc., seems a bit generic for a blockchain oriented company. The lure of a token that is “reportedly” backed by gold, also gives one pause.

We were not able to locate the source code for this project.

(dg)

Verdict Explained

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

As part of our Methodology, we ask:

Is the source code publicly available? If not, we tag it No Source! 

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.

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.