Muna - Crypto App for AfricansLatest release: 2.7.3 ( 25th January 2023 ) 🔍 Last analysed 9th December 2022 . Custodial: The provider holds the keys
As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!
As part of our Methodology, we ask:
Is the product self-custodial?If the answer is "no", we mark it as "Custodial: The provider holds the keys".
A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.
Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.
Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.
This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.
We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:
- Do your own research if the provider is trust-worthy!
- Check if you know at least enough about them so you can sue them when you have to!
- Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
- Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
Help spread awareness for build reproducibility
Please help us spread the word discussing the risks of centralized custodians with Muna - Crypto App for Africans via their Twitter!
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 ¶
Updated Review 2022-12-09
Deposit and Withdrawl using the Bitcoin network is possible. However, when we retested the app on December 9, 2022, we found that this has been disabled. It is possible that this is temporary.
Previous Review 2022-07-15
From the app description:
Muna is a simple & safe DeFi app built for Africans. Muna offers direct access to decentralized finance services. Crypto savings with daily interest, instantly swap coins, lend and borrow and make crypto payments with receipts to share with recipeint. Reach your financial goals with ease.
Muna - Crypto App for Africans supports BTC:
Lend and Borrow Crypto
Easily lend and borrow your favorite cryptos such as BTC, ETH, WAVES, USDT, USDN, and USDC. Earn daily interest for lending your crypto.
Easily send payments in fiat, stablecoins, and popular cryptos via recipient username or crypto address. Muna allows you to share payment receipts after payments. The internet made the world a global village and Muna lets these villagers send and receive payments easily at ZERO cost.
On the official site’s status page, users report having problems with KYC:
Apr 20, 2022 HunddaHina
I am trying since 2 months my KYC is not happening
While Muna claims to allow users to send and receive crypto, it offers no information as to who holds the private key. As such, we classify it as a custodial offering.
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