PINT Wallet & P2P Marketplace for Bitcoin EthereumLatest release: 2.0.32 ( 6th March 2021 ) 🔍 Last analysed 2nd March 2022 . No source for current release found Not updated in a while
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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.
The Analysis ¶
From its app description:
Store, Send, Receive, Swap, Buy and Sell our Crypto Assets
Keep the private keys with you always
We downloaded the app.
PINT is an immensely secure platform for your crypto assets. It has two components - HD wallet (BIP39) for your crypto assets and a Peer to Peer marketplace PintP2P.
PINT Platform is unique and decentralized in the way that users do peer to peer buying and selling directly from their wallet whose private key stays with them.
New users are enjoined to create a new wallet, while existing users can restore a wallet.
We tried restoring via a 12 seed mnemonic which we have from a stock mycelium wallet and it worked!
There is a swap option, along with a marketplace which it describes as P2P. When you select “Swap” you are given to swap your coins for ETH, GNT, DASH, BCH, LTC, ZRX, DOGE, OMG or XLM. You can use three different providers namely:
Purchasing crypto with a debit/credit card is also possible via the “buy” option. Bitfia has partnered with Coinify for this.
This app would qualify as self-custodial, however we have yet to find the link to the source code if it’s open source. We looked at their wallet terms and found this:
Open Source Third Party Libraries
The PINT Software may contain libraries developed by third parties. Bitfia may provide third party libraries to You as part of the PINT Software solution but shall not be considered to be the owner or licensor of the third party libraries. Please refer to and respect the relevant third-party licenses.
We reached out to Support@bitfia.io to have their input regarding this. Since there is no source code, we have to wait for their input.
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.
But we also ask:Was the product updated during the last year? If not, we tag it Stale!
Bitcoin wallets are complex products and Bitcoin is a new, advancing technolgy. Projects that don’t get updated in a year are probably not well maintained.
This verdict may not get applied if the provider is active and expresses good reasons for not updating the product.
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