Kanga WalletLatest release: 1.12.7 ( 13th January 2023 ) 🔍 Last analysed 20th July 2022 . Custodial: The provider holds the keys
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.
Help spread awareness for build reproducibility
Please help us spread the word discussing the risks of centralized custodians with Kanga Wallet 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 ¶
Check your Kanga Exchange wallet balances. Withdraw and deposit assets. Instantly buy or sell Bitcoin and Ethereum for cash at brick-and-mortar exchange locations. Manage your Proof-of-Stake account and earn KNG tokens.
Kanga Wallet is the official mobile app of Kanga Exchange—a cryptocurrency exchange featuring a wide variety of digital assets, including personal tokens. The app allows Kanga Exchange users to:
- securely access their accounts,
- monitor account balances,
- withdraw and deposit cryptocurrency,
- buy or sell cryptocurrency at brick-and-mortar locations,
- manage their Proof-of-Stake deposits.
The site confirms that account verification is mandatory for:
- cryptocurrency withdrawals in excess of 2 BTC or 30 ETH,
- fiat depostis and withdrawals by bank transfer (for any amount),
- purchase of PLN°, EUR°, and USD° stablecoins via Kanga Cash,
- token trading on some markets (in rare cases, only if required by the issuer).
Additionally, the providers are capable of suspending accounts. From the Terms and Conditions, section 7.3:
The Operator reserves the right to immediately block the functionality of the User account in part or fully (including the possibility to make withdrawals, use the services provided by the Operator on the basis of these Terms and Conditions of Use or other regulations) in case of breaching these Terms and Conditions of Use or the provisions of the law.
This is a custodial offering, and as such it is not verifiable.
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