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Portals : Crypto Wallet Generator - Bitcoin

Latest release: 0.0.4a ( 20th December 2020 ) 🔍 Last analysed 28th December 2021 . No source for current release found Not updated in a while
4.3 ★★★★★
138 ratings
10 thousand
20th March 2018

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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.

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 

This app is very suspicious as it makes claims such as "Presently you can mine BTC, ETH, ripple and other crypto wallets". BTC and ETH cannot be mined with a cell phone and Ripple tokens (XRP) cannot be mined at all. With false advertisement like this and lack of verifiability, this product might generate valid Bitcoin addresses but we strongly encourage you to not use those for actual funds!

This app is weird and it’s not clear why 10k people downloaded it. So the app does generate wallets but you can’t really use those as such … unless you do with another software.

So neither from the description nor from trying the app out could we tell what it actually is supposed to do but there are elements of a vanity-address-generator which would put it into the wallet category as you would use those private keys on an actual wallet software and then you would rely on this app generating keys that it does not share with the provider.

Vanity address generators have been used to scam people before.

As there is some implied claim of not sharing keys with a server but no source code we consider this to be a closed source wallet and as such it is not verifiable.

(lw)

Verdict Explained

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.

But we also ask:

Was the product updated during the last year? If not, we tag it Stale!

Bitcoin wallets are complex products and Bitcoin is a new, advancing technolgy. Projects that don’t get updated in a year are probably not well maintained.

This verdict may not get applied if the provider is active and expresses good reasons for not updating the product.

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.