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808 Exchange

Latest release: 2.0.22 ( 4th August 2022 ) 🔍 Last analysed 11th January 2023 . Custodial: The provider holds the keys Not functioning anymore
4.7 ★★★★★
269 ratings
10 thousand
3rd February 2021

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 the answer is "no", we mark it as "Custodial: The provider holds the keys".

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.
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.

But we also ask:

Is the product still supported by the still existing provider?

If the answer is "no", we mark it as "Not functioning anymore".

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.

Help spread awareness for build reproducibility

Please help us spread the word discussing the risks of centralized custodians with 808 Exchange  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.

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

It has a very short description:

Be a part of a world-class 808 Exchange & Start Staking to get your daily Dividends!

This app is an exchange, and nothing indicates that it is not custodial.

Critical Reviews

Notably, some of the 5* reviews are very suspicious. Some users report having problems with the exchange.

★☆☆☆☆ February 25, 2021
I bought an order on this exchange back on the 31st of January 2021 and yet it’s not fulfilled fully. I emailed their support three times but no reply. What’s the use of this app if you don’t reply in the support section and only fulfill a partial order? Don’t use it.

Imtiaz Hossain
★☆☆☆☆ May 20, 2021
When I login to my no, this app charge 147.50 from my bank account ,whether it’s not any permission. Don’t install it..

The Site

The site does not have that much information concerning the exchange. The Privacy Policy is just a PDF file and cannot be found through the website.

The App

It’s mandatory to register before using the app. To deposit you must choose a chain network: ERC20 Ethereum or BEP20 Binance Smart Chain and then the currency you want to deposit or withdraw. This includes Bitcoin, Ethereum, or 808 Exchange’s custom token: 808TA. You are provided with a bitcoin address upon choosing to deposit.


We conclude that this exchange is most likely to be custodial, making it non-verifiable.