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Bitcoin Wallet - MaxWallet

latest release: 3.7.3 last analysed  14th December 2020
No source code found
3.2 ★★★★★
13 ratings
10thousand

Published:

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

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 Google Play we read the right claims:

Exclusive control of your wallet’s private keys.

and

Open source

But … this app was not updated in 18 months, has only one review which is about lost coins and the provider did not ask to contact support but asks details right there in public.

And that’s all we can find out as the website is for sale by a Japanese registrar. That’s the same domain they provide for their contact email.

This app is not verifiable and probably a scam.

Some more digging

So we decompiled the app using jadx and there we see it is a clone of BRD. BRD is published under the MIT license and thus cloning is not a problem. A bit problematic might be that this wallet connects to BRD’s servers (HOST = "api.breadwallet.com").

To find out what modifications this wallet did to the original, one would probably figure out which version they cloned from, compile that BRD wallet and compare the decompilation of both apps.

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.