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D'CENT Crypto Wallet - Bitcoin, Ethereum, XRP etc.

latest release: 5.3.0 last analysed  3rd May 2021
No source code found
4.4 ★★★★★
252 ratings
10thousand

Published:

Our last analysis is based on data found in their Play Store description and their website and their source repository.
details below 

Help spread awareness for build reproducibility

Please help us spread the word, asking D'CENT Crypto Wallet - Bitcoin, Ethereum, XRP etc. to support reproducible builds  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

Note that this wallet can operate as a software wallet and also used with a hardware device. This review is only in relation to the software wallet usage.
As with using the wallet with a hardware device the private keys would be managed by that device and we are not reviewing that setup.

After some research on this wallet it was not clear as to how the app manages private keys, so I reached out to the twitter handle…

“Hi with the mobile wallet app, the user is given 24 words backup recovery. Do you as the provider also keep a copy of these for backup, or are they the sole ownership of the wallet user?”

And the teams speedy response….

“D’CENT Wallet is a completely self-custody wallet. User has the sole ownership and access to the wallet and assets (privates keys) that are created in it.
The mnemonic code is created randomly when the wallet is installed. Since D’CENT (company) does not keep a backup at all, you will lose your assets if you lose the recovery words. Please be careful in handling your confidential information.”

With the provider confirming they have a non-custodial wallet we need to locate some source code in order to check the wallet for reproducibility.
I have contacted the provider to direct us to the correct repository

However their response below, was that the source code is only partialy open source.

Partial code open: https://github.com/DcentWallet The secure OS is proprietary and is not open source. Here is an article on the 3rd party security evaluation on D’CENT Wallet: https://medium.com/dcentwallet/coinspect-audit-of-the-dcent-wallet-b8a6cf50cfa4

They have pointed to a blog post regarding a third party audit of the software, however this is a blog and does not provide any documentation as to the audit results itself.
This was pointing at there hardware device software, so I asked a little more specifically on the software wallet.

“… with the software wallet option however is that part of the source code open sourced and public?”

app is also not open source

Our verdict: This ‘wallet’ claims to be non-custodial, however with no source code at the providers github repository it is not verifiable.

(ml)

Verdict Explained

No source code found

Without public source available, this app cannot be verified!

This verdict means that we could not find any source to compile the app from. Internally the company might do everything right but as we can't verify it, there is nothing protecting the user from an exit-scam where the provider releases an app that leaks the keys to the servers.

The app 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 app 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.