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Lead Wallet (BETA) - Store & Swap Cryptocurrencies

latest release: Varies with device last analysed  23rd January 2021
No source code found
1thousand

Published:

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

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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

The provider makes strong claims about the wallet being non-custodial:

Lead Wallet is fully decentralized and secure and there is regular auditing which ensures that users have total control to send, receive, stake, swap and store all sorts of digital assets. In addition, users have full control of their private keys which is only stored on a user’s device.

The source code though is nowhere to be found. This app is closed source and as such not verifiable.

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.