808 Exchangelatest release: 2.0.20 ( 17th December 2021 ) last analysed 30th November 2021 Custodial: The provider holds the keys
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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 ¶
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.
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.
★☆☆☆☆ 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..
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.
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.
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