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MFCoin wallet

latest release: v4.0.0 last analysed  3rd March 2021
4.5 ★★★★★
84 ratings


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

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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.

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The Analysis

  • Native support for bitcoin and most major altcoins
  • Your private keys never leave your device. Strong wallet encryption and cryptography guarantee that your funds will remain safe under your ultimate control.

So it claims to be a self-custodial Bitcoin wallet.

On their website there is a link to their GitHub and the Build Instructions. Those reveal that we are dealing here with a Coinomi clone.

Let’s see … they ask us to change the app name to “Coinomi” etc. That can’t be right. Let’s see if the latest version is available. On Google Play we find “v4.0.0” while the build instructions end at “1.6.2”. The repository does have a “v4.0.0” tag though. Let’s see …

$ git clone https://github.com/MFrcoin/android-wallet mfcoin
$ cd mfcoin/
$ git checkout v4.0.0 
$ docker run --rm -v$PWD:/mnt --workdir=/mnt -it walletscrutiny/android bash
root@4481bcaf30f3:/mnt# ./gradlew :wallet:assembleRelease
27 actionable tasks: 27 executed
root@4481bcaf30f3:/mnt# exit
$ unzip 'MFCoin wallet v4.0.0 (com.mfcoin.wallet.dev).apk' -d fromGPlay
$ for f in $( ls wallet/build/outputs/apk/release/*.apk ); do k=$(basename $f); unzip $f -d $k; done
$ for f in $( ls wallet/build/outputs/apk/release/*.apk ); do k=$(basename $f);echo $k $(diff --brief --recursive $k fromGPlay/ | wc -l); done
wallet-arm64-v8a-release-unsigned.apk 124
wallet-armeabi-v7a-release-unsigned.apk 125
wallet-universal-release-unsigned.apk 125
wallet-x86_64-release-unsigned.apk 124
wallet-x86-release-unsigned.apk 125

so all the 5 built files contents differ in over 120 files from the apk on Google Play.

To make matters worse, the project also uses minification which is a form of obfuscation:

$ cat wallet/build.gradle
android {
  buildTypes {
    release {
      minifyEnabled true

so this app is not verifiable.

Verdict Explained


The app's binary contains active obfuscation which makes it significantly harder to analyze what it is doing.

This verdict means that the app could not be decompiled. In benign cases code symbols are replaced by short strings to make the app smaller but for the sake of transparency this should not be done for non-reproducible Bitcoin wallets. (Reproducible wallets could obfuscate the app for size improvements as the reproducibility would assure the auditability.)

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.