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SafePal - Crypto wallet BTC ETH LTC BNB Tron EOS

latest release: 2.5.6 last analysed  14th December 2020
No source code found
4.5 ★★★★★
3684 ratings
100thousand

Published:

Our last analysis is based on data found in their Google Play 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.

The Analysis

On Google Play they claim

SafePal is one of the earliest crypto wallet brands invested and backed by Binance

While Binance did review some SafePal hardware wallet, we can’t find Binance supporting the claim of investment. In particular, SafePal links to this Binance site where we find a list of investments but no mention of SafePal.

On their website there is a whole list of “global leaders” that backed them but here, the “Binance labs” link is a different one and dead, this sponsor’s website uses a totally wrong ssl certificate and none of the other supposed backers mentions SafePal on the linked pages.

SafePal cryptocurrency wallet application is a decentralized application. The mnemonic phrase is stored by users. SafePal does not read or store sensitive account information including private key and mnemonic phrase.

So they do claim to be non-custodial but there is no source code anywhere to be found which makes 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.