Bitberry : Safe Cryptocurrency WalletLatest release: 1.4.8 ( 22nd February 2022 ) 🔍 Last analysed 11th September 2021 . Custodial: The provider holds the keys
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 Google Play description, we have hints of its custodial nature:
No need to keep private keys, or complicated mnemonic to yourself.
Private keys are under the custody of a third-party.
We searched the website, but there’s nothing about self-custody or private keys. We cannot read the User Agreement as it is only available during install and cannot be copy/pasted then translated. It is written in Korean.
Once you join up and sign in. The app allows you to create several different cryptocurrency wallets. The interface is pretty simple and its sign in integrates with Kakaotalk, a messaging and call app popular in South Korea.
Once you have created your BTC wallet, you can then send BTC to your phone contacts.
This was more specifically detailed in a blog post on medium.
BitBerry is a cryptic wallet developed by Root One Soft, a subsidiary of Dunamu that operates the largest cryptographic exchange in Korea, and Dsion has entered into business agreements with BitBerry. Root One is a wallet made by a subsidiary of Dunamo invested by Kakao. It is excellent in convenience. It is easy to use face ID and fingerprint instead of complicated use of public key and private key of existing password wallet. In less than a minute, you can quickly transfer money between your wallets without any fees.
This app is custodial and therefore not verifiable.
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 not, we tag it Custodial!
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.
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