PTPWallet - Bitcoin, Ethereum, and Other Cryptolatest release: 1.0.1222 last analysed 25th May 2021
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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 ¶
Update 2021-05-25: We had this app listed as custodial previously but now think they try to imply to be non-custodial. Absent source code, none of that is verifiable though, so the “not verifiable” verdict did not change.
In their FAQ we can read:
I entered/lost my passphrases and it’s giving me a message that I can’t access my account. What can I do?
Please double-check to make sure you implemented the passphrases correctly, without any spacing after the words, in the same numeric order, and make sure the grammar is correct (no autocorrects). In addition, make sure you aren’t missing a letter and no letters are capitalized.
A passphrase is an industry-standard tool that is the LAST LINE of protection for crypto accounts (be it in an exchange or a wallet). Due to security and privacy reasons, every company that has passphrase protection is unable to access the passphrases. Therefore, if you lose your passphrases or incorrectly wrote them down initially, then you will lose access to your account, and there is sadly nothing our company - nor any company - can do to regain access to your account.
which is a claim to be non-custodial but even then, other claims:
Designed for simple digital asset management and to protect you against thieves and hackers, your digital assets are secured with this coin base wallet. 6-word passphrase and PIN Code protection, asks you for PIN Code every time you open your cryptocurrency wallet and make transactions.
make us wonder how much in control the user is, as “6 words” is not an industry standard.
Custodial or not, absent source code their claims are anyway not verifiable.
Without public source available, this app cannot be verified!
This verdict means that we could not find any source to compile the app from. Internally the company might do everything right but as we can't verify it, there is nothing protecting the user from an exit-scam where the provider releases an app that leaks the keys to the servers.
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.
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