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Ethos Universal Wallet

latest release: 2.0.5 last analysed  5th March 2021
No source code found
3.1 ★★★★★
1516 ratings
50thousand

Published:

Our last analysis is based on data found in their Play Store description and their website.
details below 

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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.

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

They claim:

STATE-OF-THE-ART SECURITY - No more managing multiple private keys and wallets. With the Universal Wallet, you generate a single Ethos SmartKey for each wallet instance you create, and it takes care of the rest – providing automated maximum security management of all of your digital assets. You remain in complete control at all times. Lose your phone? Simply restore your cryptocurrency wallet and regain control of your funds using your Ethos SmartKey. Self-Custody at its finest!

so they claim self-custody but using some [brand name] SmartKey which definitely does not sound like a standard other wallets would support. What if they go out of business? Judging by the most recent ratings, that’s exactly what happened already but the comments also sound like the SmartKey is just BIP39 24 words mnemonic, so a broadly used standard after all.

We can’t find any source code and thus consider the app not verifiable.

Verdict Explained

No source code found

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.