Coin Cloud: Wallet 1.5Google Play
Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Application build test result
App and Company History
- Today the url coin.cloud/app redirects to a different domain (bitstop.co), with different apps:
- Genesis Coin, Inc. was acquired by BitStop founders, January 2023
- Coin Cloud has filed for Chapter 11 bankruptcy last February 2023
- Coin Cloud was acquired by Genesis Coin in July 2023
We didn’t dig further as to why the dates don’t line up. Our guess is it has something to do with paperwork and filings that do not coincide with the press releases. But ultimately, BitStop became the surviving monolithic entity - hence, the reason for the redirection of the domains.
Why does Coin Cloud have so many apps?
Bad versioning. We took a look at the history of the url “coin.cloud/app” and found that the app was different.
For June 2021 the linked apps were:
For March 2023 the linked apps were:
It is very clear that the provider is claiming that this wallet is non-custodial with this early statement found in the play store description.
Keep your bitcoin and other digital currency secure and under your own control with the non-custodial Coin Cloud Wallet app.
With keys in control of the user, we need to find the source code in order to check reproducibility. However we are unable to locate a public source repository.
Our verdict: As there is no source code to be found anywhere, this wallet is at best a non-custodial closed source wallet and as such not verifiable.
Tests performed by Matthew Lamb
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.