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MathWallet: Ethereum,Polkadot

Latest release: 4.4.0 ( 20th June 2022 ) 🔍 Last analysed 18th June 2021 . No source for current release found
3.9 ★★★★★
2172 ratings
100 thousand
17th April 2018

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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.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

Update 2022-01-05: It is available again.

Last update: 2022-01-04
Version: 4.3.3

Update: This app is not available on Google Play anymore.

This wallet claims:

  • Secure your assets with Private Keys, Mnemonic Phrases, 2-Factor Authentication, and more

which kind of sort of sounds like a non-custodial wallet but also doesn’t make much sense. The private keys are what you want to protect. They are not a tool to protect something.

Their website as per the dedicated data field on Google Play appears to not link back to the wallet but in the description they mention a different website: mathwallet.org.

There we find no further claims about who holds the keys or public source code.

As they also promote a Math Cloud Wallet which is

Convenient, safe and easy to use custodial wallet

we assume the wallet here is meant to be non-custodial but as it’s closed source, it is not verifiable.


Verdict Explained

Without public source of the reviewed release available, this product cannot be verified!

As part of our Methodology, we ask:

Is the source code publicly available? If not, we tag it No Source!

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.