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 Description from Google Play
Translated from Korean
PayBank - Paybank is a global online fintech service provided by Livil Financial Group.
It enables financial freedom based on blockchain technology.
From an archive of their Terms
PayBank Payment System - a computer program with relevant user interfaces available on the Website and/or otherwise accessible, owned, administered, supported and developed by us and our services stipulated in this Agreement and intended for Merchants to accept bitcoin and other digital currencies as payment from purchasers of goods or services or donations, as well as conclusion of Virtual Currency Purchase-Sale Agreement;
- Their website is no longer online.
- The app still works but the Bitcoin wallet does not auto-generate anymore. (Screenshot)
- Users also have an option to input their own Bitcoin addresses.
- We were not able to find provisions for backing up the seed phrases.
The Terms has a termination clause
We reserve a right to restrict or terminate provision of services discussed in these Terms and Conditions of the Agreement to you, to suspend fulfilment of concluded Virtual Currency Purchase-Sale Agreement and (or) to repudiate it at any time without any prior warning as well as to block or delete your Account
Without the private keys, this must be a custodial app.
Tests performed by Daniel Andrei R. Garcia
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.