ProBit: Buy & Sell Bitcoin. CrLatest release: 1.37.5 ( 2nd January 2023 ) 🔍 Last analysed 17th September 2021 . 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 ProBit: Buy & Sell Bitcoin. Cr 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 ¶
This app appears to be a Korean crypto exchange:
Launching the app provides a comprehensive view of essential categories and metrics such as trading pairs, volume, price, and 24HR volume. This allows quick access to all necessary information for investors regarding token activities on the go for ultimate convenience and comfort.
The description is vague if it is possible to withdraw or deposit Bitcoin, or if private keys are on the side of the customer.
To add to that, one reviewer reported that this is not an available feature for non-Koreans.
★☆☆☆☆ September 13, 2021
I wasted my time. Deposit and withdrawals are available only for korean citizens. No option for foreigners in korea
KYC verification is also in use:
For deposits and withdrawals in Korean Won, you must complete KYC 5-step verification in ProBit.
It seems to be possible to withdraw, but due to this app requiring identity verification it is almost certainly custodial.
Verdict: It is not possible to verify this app.
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