BlocPal WalletLatest release: 2.0.38 ( 19th January 2022 ) 🔍 Last analysed 19th January 2022 . No source for current release found
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 ¶
BlocPal’s mission is to develop a simpler, smarter and more secure way to transact with crypto and traditional currencies. We’ve designed the first ‘multi-currency’ blockchain infrastructure, using proprietary technology to simplify and secure payment processing. Our multifaceted e-wallet and platform create an ecosystem that focuses on security, transparency and speed, and are soon to become the standard for all digital currency payments.
BlocPal is fully compliant with Canadian and SEC regulations, and all participating merchants have been thoroughly vetted through a comprehensive KYC process. In other words, users get all the benefits of cryptocurrency without the risks associated with exchanges and other blockchain platforms.
From the Terms of Service:
This Software functions as a free, open source, and multi-signature digital wallet. The Software does not constitute an account where BlocPal or other third parties serve as financial intermediaries or custodians of Your cryptocurrencies.
In Section 9.2, we read that BlocPal is capable of terminating users’ accounts:
BlocPal may terminate your account, at its discretion, upon notice to you via email, phone or other communication. BlocPal may also suspend your access to the Services if it suspects that you have failed to comply with these Terms, pose an unacceptable fraud risk to us, or if you provide any false, incomplete, inaccurate or misleading information. BlocPal will not be liable to you for any losses that you incur in connection with our closure or suspension of your account.
The first release of the open source code for the BlocPal blockchain is scheduled to be published on GitHub in Q3 2020. The blockchain has undergone significant testing since being launched in September 2018.
It claims the open source code is for the BlocPal blockchain with no information on any for the wallet. Searching for their
applicationId on GitHub yields no results.
We tried the app and registered an account. BlocPal requires number and email verification.
You can create one wallet with multiple cryptocurrencies, including BTC, LTC, ETH, USDT, and BlocPal’s token BPX. The wallet can also hold USD. However, all of the assets in one wallet have the same public address. Users must choose what cryptocurrency in the wallet they are trying to send or receive.
It is possible to create multiple wallets as well as add an external wallet by writing the Public key and Private key (optional).
Users are given the option to verify personal identification documents such as a selfie, a government ID card or proof of address.
While this app claims to be open-source, we can find no evidence of this being the case. We searched on Github and Google to see if there was something we possible missed, however there were no results. It is a non-custodial app although it is still not verifiable.
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. You should still prefer actual open source licenses as a competing wallet won’t use the code without giving it careful scrutiny.
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