Korvio Wallet - Multichain Blockchain TechnologyLatest release: 1.0.25 ( 18th March 2021 ) 🔍 Last analysed 14th March 2022 . Custodial: The provider holds the keys Not updated in a while
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 ¶
Described in its Google Play, it claims that it is a ‘Multichain Blockchain Technology’ and that it allows users to:
sell or exchange your coin without restriction after the initial holding period.
The language on its Play description is full of seemingly unrelated complex terminologies. An example of which reads:
The purpose of multichains is to enable the decentralized aggregation, ordering, time stamping and archiving of any type of information, including structured data, correspondence or documentation.
Its website strives to describe their service more:
KORVIO can Issue millions of assets on a blockchain, which all tracked and verified at the network level. Perform safe multi-asset and multi-party atomic exchange transactions.
We then took a look at the Korvio Terms and Conditions
We may terminate or suspend access to our Service immediately, without prior notice or liability, for any reason whatsoever, including without limitation if you breach the Terms.
We downloaded the app and registered with an email address. After that, the KRO/BTC wallet is easily accessible. The app claims that users can receive both KRO and BTC using the same address. There is an option to backup the wallet via a 12 word mnemonic. It is possible to swap KRO with BTC using the platform.
The KRO token is the primary token used in the app. Described in Korvio’s FAQ:
KRO is world first cryptocurrency function with AI integrated DAPP. The immutable ledger technology helps to accounts for one end solution to the number of running applications by which trade fund or users money can be tracked.
Google Play Reviews
★★☆☆☆ May 11, 2021
Swapping kro to btc is a real problem.Kro is getting debited to some other auto generated id, but in turn bitcoin is not getting credited. This is big isssue which has to be resolved. Otherwise this app is working only on cash transactions. There is no way to convert it elsewhere.
★☆☆☆☆ May 8, 2021
Bitcoin lost. !!!!!! I have using this app for quite long and i did’t face any issue. But today i tried to swipe KRO to bitcoin, transaction was successful but it didn’t reflect into mine bitcoin wallet in same app. By default it took something random address.
The language on its Google Play gives one pause for its “marketing” approach where it described its app as:
“a lifetime opportunity, revolutionizing the digital business world of today’s economy. The Korvio Reward Program is born on the success of the pioneering cryptocoin, Bitcoin!”
Initially, we thought of it as a DeFi app of sorts, but upon looking at the terms and the reviews, it may appear more like a custodial service. Although it is possible to backup the wallet using a 12 word mnemonic, not much information apart from the Terms and Conditions is available. Incidentally, clicking on the Contact Us link on one of its pages, leads back to the main page.
We contacted their support via email@example.com, and await their response.
Update on Contact
There was a temporary problem delivering your message to firstname.lastname@example.org. Gmail will retry for 21 more hours. You’ll be notified if the delivery fails permanently.
The response was:
The recipient server did not accept our requests to connect. Learn more at https://support.google.com/mail/answer/7720 [korvio.io 2606:4700:3030::ac43:de35: timed out] [korvio.io 2606:4700:3030::6815:360e: timed out] [korvio.io 18.104.22.168: timed out] [korvio.io 22.214.171.124: timed out]
Tentatively, we would be giving this a verdict of custodial and not verifiable until further information is made available.
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.
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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