Firefly Wallet ProLatest release: 3.4.2 ( 10th February 2022 ) 🔍 Last analysed 11th April 2022 . No source for current release found
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 ¶
This XLM based wallet supports Bitcoin as well as Ethereum. Users can create a bitcoin wallet from the app and it would have a separate 12-word mnemonic phrase from the XLM and Ethereum wallets.
- Support multiple accounts. You can set different federal addresses and inflation pool, etc.
- Integrated convenient and efficient QR code scanning function. Accounts import/export, namecards, contacts, sending and receiving assets, etc. are fully supported.
- Supporting decentralized asset exchange, you can customize any asset trading pair, view corresponding trading information, create or cancel your own offers.
- Support asset deposit and withdrawal (provided by the corresponding anchor), based on SEP-0006 protocol.
- The private key/seed is encrypted and stored in the local storage, which ensures the security of the assets.
Although the app describes itself as an open source project, we took a look at their repository and it was mentioned there that it was no longer being maintained. The last commit was dated February 25, 2019. The last update for the Android app was made on February 10, 2022.
Without public source of the reviewed release available, this product cannot be verified!
As part of our Methodology, we ask:Is the source code publicly available? If not, we tag it No Source!
A wallet that claims to not give the provider the means to steal the users’ funds might actually be lying. In the spirit of “Don’t trust - verify!” you don’t want to take the provider at his word, but trust that people hunting for fame and bug bounties could actually find flaws and back-doors in the wallet so the provider doesn’t dare to put these in.
Back-doors and flaws are frequently found in closed source products but some remain hidden for years. And even in open source security software there might be catastrophic flaws undiscovered for years.
An evil wallet provider would certainly prefer not to publish the code, as hiding it makes audits orders of magnitude harder.
For your security, you thus want the code to be available for review.
If the wallet provider doesn’t share up to date code, our analysis stops there as the wallet could steal your funds at any time, and there is no protection except the provider’s word.
“Up to date” strictly means that any instance of the product being updated without the source code being updated counts as closed source. This puts the burden on the provider to always first release the source code before releasing the product’s update. This paragraph is a clarification to our rules following a little poll.
We are not concerned about the license as long as it allows us to perform our analysis. For a security audit, it is not necessary that the provider allows others to use their code for a competing wallet. You should still prefer actual open source licenses as a competing wallet won’t use the code without giving it careful scrutiny.
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