Magnum Wallet – Bitcoin, Ethereum, Crypto Exchange

Published:

Wallet Logo

This Android app was first launched on 23rd April 2019 and currently has more than 10000 downloads, a 3.8 stars rating from 173 users and the latest release is version 1.0.12.

Our last analysis was done on 7th April 2020 based on data found in their Google Play description and their website.

We found these ways of contacting the developers:

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Please help us spread the word, asking Magnum Wallet – Bitcoin, Ethereum, Crypto Exchange to support reproducible builds via their Twitter!

Disclaimer

The following Analysis is not a full code review! We plan to make code reviews available in the future but even then it will never be a stamp of approval but rather a list of incidents and questionable coding practice. Nasa sends probes to space that crash due to software bugs despite a huge budget and stringent scrutiny.

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

In the app’s description we read:

Simple & Secure Interface Stay on top of your portfolio with intuitive navigation anytime, anywhere. With security & anonymity as our top priorities, we provide a fully non-custodial service, meaning that users have full control of their private keys and other personal information.

So this wallet claims to be non-custodial but can we find its source code? Neither on Google Play nor on their website do we find a word about this product’s source code. Its properties thus are not verifiable.

Verdict Explained

Not verifiable: No Source Code found

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.