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ViaBTC-Crypto Mining Pool

Latest release: 3.7.2 ( 30th November 2022 ) 🔍 Last analysed 24th June 2022 . Custodial: The provider holds the keys
4.1 ★★★★★
500 thousand
16th December 2017

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.
The product 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 product 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.

Help spread awareness for build reproducibility

Please help us spread the word discussing the risks of centralized custodians with ViaBTC-Crypto Mining Pool  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.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

About

ViaBTC, founded in May 2016, has provided professional, efficient, safe and stable cryptocurrency mining services for over one million users in 130+ countries/regions around the world, with a cumulative mining output value of tens of billions of dollars. As a world’s top all-inclusive mining pool, it provides mining services for dozens of mainstream cryptocurrencies including BTC, ETH, LTC, etc. Backed by the one-stop, all-inclusive services spanning the mining pool, the exchange, and the wallet, ViaBTC is committed to offering global users more abundant supporting tools, stabler and more efficient mining services, and better product experience.

·Security & Stability: 24/7 secure and stable mining network available ·Open & Transparent: Real-time detailed statistics of pools and miners obtainable ·High mining revenue: Multiple settlement modes and mining methods promise higher returns

Mining Management ·View mining profit in a click ·Obtain real-time hashrate at any time ·24H Monitor of miner status ·Manage multiple accounts on the go

Assets Management ·Built-in multi-cryptocurrency wallet for deposits and withdrawals ·Crypto-crypto trading with Auto Conversion ·Manage mining profit and pay with ZERO tx fee

Financial Services ·Hedge coins and transactions to secure your profits in advance ·Crypto loans available 24/7, borrow and repay at any time to free your capital

Smart Tools ·Bye-bye congestion and Hi-hi Transaction Accelerator ·Know your days of Return with Profit Calculator in a click ·Rapid settlement in high-quality mining farms worldwide

The App

We installed the app and registered. Under ‘Assets’, we could select BTC to deposit and withdraw. There are no options to back up the wallet. It is also possible to auto-transfer to CoinEx - Buy BTC, ETH Easily Custodial! .

Analysis

As a cryptocurrency mining service provider, they provide a wallet over which they control the private keys. Thus, this service is custodial.

(dg)