Lead Wallet – Swap, Multisend BTC, BNB, ETH, LEADLatest release: 1.0.34 ( 6th May 2022 ) 🔍 Last analysed 26th October 2021 . No source for current release found
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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 ¶
This app is not to be confused with its BETA version,
As seen on the wallet page, the Beta version will be discontinued.
The beta version of Lead Wallet App will be discontinued shortly, kindly download our mainnet app…
Crypto, DeFi and NFT Access Wallet for Bitcoin, Litecoin, Ethereum, Tether, Tron, BNB.
With our services, you can generate and save the private master key that only corresponds to the wallet and must be used in conjunction with the wallet to authorize you to access the wallet. We do not store any data in our server, and all encrypted backup of certain information about the wallet is stored on the user side. You are solely responsible for the security of your private primary key and any backup mnemonic security associated with your wallet.
We downloaded the app. It offers two choices: create a wallet or import a wallet. Wallet creation entails the provision of the 12-seed words. There is a BTC wallet that can send and receive.
The Github repository has been provided for this app. However, there is no appID, Android build instructions, or any Android app source code. Unless there is any further clarification, the closest repository may be (https://github.com/leadwallet/leadwallet-core). But then again, the title for this repository is “LeadWallet Core API” and again, does not have build instructions.
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.
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