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Moonstake Wallet

latest release: 2.8.2 ( 18th October 2021 ) last analysed  23rd September 2021 No source for current release found 
4.6 ★★★★★
2215 ratings
10 thousand
24th March 2020

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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 

Moonstake Wallet directly claims that it is a non-custodial wallet. From the Play Store description:

Safe and secure, this app never takes custody of your digital assets. Assets stay in your existing wallet, so you won’t ever worry about your account being hacked from our platform and your private keys & passphrases are encrypted and stored in your local device.

Found in the FAQ:

Does Moonstake hold the private key or backup passphrase of my wallet?
Moonstake Mobile Wallet and Web Wallet are both non-custodial wallets. As the operator of the wallet, Moonsatke does not hold any of the user’s assets. As a decentralized wallet, both Private Key and Backup Passphrase can only be seen by the user with their ID and Password. Moonstake cannot access each individual user’s wallets.

We sent an inquiry to the support at contact@moonstake.io to ask if the source code is publicly available. We await their response.

However, until then as there is no link to any repository in the official website, this wallet has no source.

(dg)

Verdict Explained

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.

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.