Our wallet review process
We examine wallets starting at the code level and continue all the way up to the finished app that lives on your device. Provided below is an outline of each of these steps along with security tips for you and general test results.
Custody
Self-custodial: The user holds the keys
But This product was removed from the platform.
As part of our Methodology, we ask: Is the product self-custodial?
The answer is "yes". The user has control of their own keys.
Read more
Released
1st May 2018
Application build
Without public source of the reviewed release available, this product cannot be verified!
See the last Issue we created.
Passed 6 of 10 tests
We answered the following questions in this order:
We stopped asking questions after we encountered a failed answer.
The answer is "yes".
If the answer was "no", we would mark it as "Few users" and the following would apply:
The answer is "no". We marked it as "Few users".
We did not ask this question because we failed at a previous question.
If the answer was "no", we would mark it as "Few users" and the following would apply:
We focus on products that have the biggest impact if things go wrong and this one probably doesn’t have many users according to data publicly available.
The answer is "yes".
If the answer was "no", we would mark it as "Fake" and the following would apply:
The answer is "no". We marked it as "Fake".
We did not ask this question because we failed at a previous question.
If the answer was "no", we would mark it as "Fake" and the following would apply:
The bigger wallets often get imitated by scammers that abuse the reputation of the product by imitating its name, logo or both.
Imitating a competitor is a huge red flag and we urge you to not put any money into this product!
The answer is "yes".
If the answer was "no", we would mark it as "Not a wallet" and the following would apply:
The answer is "no". We marked it as "Not a wallet".
We did not ask this question because we failed at a previous question.
If the answer was "no", we would mark it as "Not a wallet" and the following would apply:
If it’s called “wallet” but is actually only a portfolio tracker, we don’t look any deeper, assuming it is not meant to control funds. What has no funds, can’t lose your coins. It might still leak your financial history!
If you can buy Bitcoins with this app but only into another wallet, it’s not a wallet itself.
The answer is "yes".
If the answer was "no", we would mark it as "A wallet but not for Bitcoin" and the following would apply:
The answer is "no". We marked it as "A wallet but not for Bitcoin".
We did not ask this question because we failed at a previous question.
If the answer was "no", we would mark it as "A wallet but not for Bitcoin" and the following would apply:
At this point we only look into wallets that at least also support BTC.
The answer is "yes".
If the answer was "no", we would mark it as "Can't send or receive bitcoins" and the following would apply:
The answer is "no". We marked it as "Can't send or receive bitcoins".
We did not ask this question because we failed at a previous question.
If the answer was "no", we would mark it as "Can't send or receive bitcoins" and the following would apply:
If it is for holding BTC but you can’t actually send or receive them with this product then it doesn’t function like a wallet for BTC but you might still be using it to hold your bitcoins with the intention to convert back to fiat when you “cash out”.
All products in this category are custodial and thus funds are at the mercy of the provider.
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.The answer is "yes".
If the answer was "no", we would mark it as "Custodial: The provider holds the keys" and the following would apply:
The answer is "no". We marked it as "Custodial: The provider holds the keys".
We did not ask this question because we failed at a previous question.
If the answer was "no", we would mark it as "Custodial: The provider holds the keys" and the following would apply:
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.
The answer is "yes".
If the answer was "no", we would mark it as "No source for current release found" and the following would apply:
The answer is "no". We marked it as "No source for current release found".
We did not ask this question because we failed at a previous question.
If the answer was "no", we would mark it as "No source for current release found" and the following would apply:
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.
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.The answer is "yes".
If the answer was "no", we would mark it as "Failed to build from source provided!" and the following would apply:
The answer is "no". We marked it as "Failed to build from source provided!".
We did not ask this question because we failed at a previous question.
If the answer was "no", we would mark it as "Failed to build from source provided!" and the following would apply:
Published code doesn’t help much if the app fails to compile.
We try to compile the published source code using the published build instructions into a binary. If that fails, we might try to work around issues but if we consistently fail to build the app, we give it this verdict and open an issue in the issue tracker of the provider to hopefully verify their app later.
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.The answer is "yes".
If the answer was "no", we would mark it as "Not reproducible from source provided" and the following would apply:
The answer is "no". We marked it as "Not reproducible from source provided".
We did not ask this question because we failed at a previous question.
If the answer was "no", we would mark it as "Not reproducible from source provided" and the following would apply:
Published code doesn’t help much if it is not what the published binary was built from. That is why we try to reproduce the binary. We
- obtain the binary from the provider
- compile the published source code using the published build instructions into a binary
- compare the two binaries
- we might spend some time working around issues that are easy to work around
If this fails, we might search if other revisions match or if we can deduct the source of the mismatch but generally consider it on the provider to provide the correct source code and build instructions to reproduce the build, so we usually open a ticket in their code repository.
In any case, the result is a discrepancy between the binary we can create and the binary we can find for download and any discrepancy might leak your backup to the server on purpose or by accident.
As we cannot verify that the source provided is the source the binary was compiled from, this category is only slightly better than closed source but for now we have hope projects come around and fix verifiability issues.
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.Application build test result
Update 2023-09-22: While this app is deprecated in favor of another app and
obsolete with no updates in years, its verdict is not accurate. As documented in
this issue,
Emanuel managed to build the app in its current version 0.4.8
but the build
result differed significantly from what we could download from Google Play.
But … is the version from Google Play the same as the version from f-droid? As it turns out, it is not. We downloaded both and they have different hashes. The first one is from Google Play:
$ sha256sum ~/wsTest/BLW\ 0.4.8\ \(com.lightning.walletapp\).apk ~/com.lightning.walletapp_159.apk
541c8f22340b5b66b4d94cde5863e765e1029d3b99fb62fcf01e5d97cb90ffc5 /home/leo/wsTest/BLW 0.4.8 (com.lightning.walletapp).apk
676d073f8418277042d584dd184da1b0054148ba4ae30156f51772d819861009 /home/leo/com.lightning.walletapp_159.apk
and … f-droid claims:
The source code is no longer available
Seriously? Well, indeed, the repository we had on file - https://github.com/btcontract/lnwallet/issues/20 is no longer available, making the product not verifiable.
Update 2021-08-21: The provider stated here that this product was discontinued and its successor is SBW: Simple Bitcoin Wallet
So the provider contacted us and cleared many issues we had in our first review. Let’s see how far we get this time …
First thing we notice is that there are still no build instructions on the GitHub page but according to above issue it’s simple enough:
The version we got from Google Play is this:
$ sha256sum BLW.apk
ffcffa9d3053590b98f845622ab5a4748023245fbacc48f6798ca9ff753f86c6 BLW.apk
$ apktool d -o BLW BLW.apk
$ cat BLW/apktool.yml | grep "versionCode\|versionName"
versionCode: '150'
versionName: 0.4.4
So …
$ git clone https://github.com/btcontract/lnwallet.git
$ cd lnwallet
$ git tag
0.4-146
0.4.1
0.4.1-147
0.4.2
0.4.3
0.4.4
$ git checkout 0.4.4
$ docker run -it --volume $PWD:/mnt --workdir /mnt --rm mycelium-wallet bash
# wget https://downloads.gradle-dn.com/distributions/gradle-3.3-bin.zip
# unzip gradle-3.3-bin.zip
# /opt/android-sdk/tools/bin/sdkmanager ndk-bundle
# ./gradle-3.3/bin/gradle assembleDebug
Parallel execution is an incubating feature.
Checking the license for package CMake 3.6.4111459 in /opt/android-sdk/licenses
License for package CMake 3.6.4111459 accepted.
Preparing "Install CMake 3.6.4111459 (revision: 3.6.4111459)".
"Install CMake 3.6.4111459 (revision: 3.6.4111459)" ready.
Finishing "Install CMake 3.6.4111459 (revision: 3.6.4111459)"
Installing CMake 3.6.4111459 in /opt/android-sdk/cmake/3.6.4111459
"Install CMake 3.6.4111459 (revision: 3.6.4111459)" complete.
"Install CMake 3.6.4111459 (revision: 3.6.4111459)" finished.
Incremental java compilation is an incubating feature.
FAILURE: Build failed with an exception.
* What went wrong:
A problem occurred configuring project ':app'.
> No toolchains found in the NDK toolchains folder for ABI with prefix: mips64el-linux-android
* Try:
Run with --stacktrace option to get the stack trace. Run with --info or --debug option to get more log output.
BUILD FAILED
Which is again the known issue from last time: The gradle version is outdated. It should be 3.1 or above but is defined as
# cat build.gradle | grep "tools\.build"
classpath 'com.android.tools.build:gradle:2.3.0'
So if there is a good reason for using an old gradle version (2.3 is from early 2015), the team should explain that.
Sadly we again fail to compile due to lack of sufficiently clear build instructions and come to the verdict not verifiable.
Tests performed by Leo Wandersleb
Previous application build tests
21st August 2021 | 0.4.4 | |
23rd November 2019 | 0.4 |
Do your own research
In addition to reading our analysis, it is important to do your own checks. Before transferring any bitcoin to your wallet, look up reviews for the wallet you want to use. They should be easy to find. If they aren't, that itself is a reason to be extra careful.