Bitlish - crypto walletLatest release: 2.0.10 ( 20th January 2020 ) 🔍 Last analysed 20th March 2020 . Custodial: The provider holds the keys Not functioning anymore
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Please help us spread the word discussing the risks of centralized custodians with Bitlish - crypto wallet via their Twitter!
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 ¶
This app is closing down its operation. It disappeard from Google Play, iTunes, Twitter, LinkedIn and Facebook and on their website we read:
Bitlish stops providing services to all customers on March 30, 2020. You have time until March 30, 2020 23:00 UTC to withdraw all your crypto assets from your account. If you have any limit orders waiting to be executed, please cancel them until March 15, 2020 23:00 UTC, otherwise they will be cancelled automatically.Currently, there are technical problems in the work of our services, including the operation of fiat payment methods. For this reason the binding of new cards, deposits and withdrawal to cards are now unavailable. We apologize for any inconvenience.
The app was available for download at least until 2nd of March 2020 and the 100k users have until the end of the same month to withdraw all their funds.
This being a custodial wallet it means they are 100% at the whim of the provider and can’t just spin up another wallet and import their keys there after the provider stopped its servers.
As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!
As part of our Methodology, we ask:Is the product self-custodial? If not, we tag it Custodial!
A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.
Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.
Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.
This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.
We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:
- Do your own research if the provider is trust-worthy!
- Check if you know at least enough about them so you can sue them when you have to!
- Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
- Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
But we also ask:Is the product still supported by the still existing provider? If not, we tag it Defunct!
Discontinued products or worse, products of providers that are not active anymore, are problematic, especially if they were not formerly reproducible and well audited to be self-custodial following open standards. If the provider hasn’t answered inquiries for a year but their server is still running or similar circumstances might get this verdict, too.
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