Lumi Crypto Bitcoin WalletGoogle Play
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.
Application build test result
Update 2021-06-16: Something weird is going on. Apparently there are three Lumi apps:on the App Store, another on the Play Store: and this one here. The first two are defunct.
Update 2020-06-15: Following a conversation on Twitter we checked again and also added statements of being Open Source and our take on those.
The description on their Play Store listing gets straight to the point:
With Lumi Wallet, you are the only one in charge of your funds. Your private keys are stored on your device, and the funds are protected with a 12-word mnemonic.
So they are not custodial but can we verify this?
On their website we find no link to the wallet’s source code although they claim:
Open-source We’re ready to prove our reliability that’s why our code is publicly available.
In their FAQ we find:
Is Lumi open-source?
Open-source is one of the major concepts in the cryptocurrency space as the whole industry basically grew up on it. Nowadays, building a crypto project without publishing at least a part of your code on GitHub is considered to be bad manners.
We are proud to say that our core wallet technology is open-source. You can view the libraries (for Android, iOS and Web) that we use to generate private keys and sign the transactions.
We use these libraries in our apps and in the web version of the wallet. You are welcome to see and review it anytime via this link.
Public source is not about good or “bad manners”. and “publishing at least a part of your code” achieves nothing at all in terms of security of the app in Google Play.
“We are proud to say that our core wallet technology is open-source.” … this
in turn is indeed something to proudly announce: The code they have on GitHub is
not only public but also Open Source. Their
lumi-android-core for example is
released under the very permissive MIT license. Kudos to their contribution!
For peace of mind that the wallet doesn’t contain backdoors though, publishing libraries that are used by the wallet, without also publishing the wallet’s code itself is not enough and until that code is public at least under a less permissive license, we have to remain with our verdict: not verifiable
Tests performed by Leo Wandersleb
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.