COINS: One App For Crypto by CoinpaprikaLatest release: 1.16.2 ( 31st May 2022 ) 🔍 Last analysed 11th September 2021 . No source for current release found
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Please help us spread the word discussing transparency with COINS: One App For Crypto by Coinpaprika 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 ¶
From the Google Play app description:
With COINS, you can Discover, Store, Invest, Send & Receive over 2000 cryptocurrencies. All in one app.
Our non-custodial solution lets you store over different 1500 cryptocurrencies inside your phone. By using advanced biometrics, we make sure that your private keys never leave your device. Nobody has access to your funds, but you!
We downloaded the app and proceeded to create a BTC wallet. The app gives you the option to use either biometric data or a pin before the wallet is created. It then prompts the user to backup the wallet via secret phrase. You then input your biometric data again, and the app shows 12 words. Then, the 12 are re-entered to be verified.
Furtheremore, no KYC is required.
We reached out via twitter and they confirmed that their app was non-custodial. Their source code is based on Trust Wallet
This app is non-custodial, so the next step is to try to find the source code for the wallet.
We conversed with them via twitter.
@coinpaprika - 33m
Daniel Andrei R. Garcia
@dannybuntu - 23m
Yeah, doing backup of seed phrase now. Your app is sleek, very well designed. Is the source code available to the general public?
@coinpaprika Replying to @dannybuntu
It’s based on Trust Core - open source so kind of ;)
Absent source code for this specific app, it is 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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