Wallet Logo

CoolWallet Pro

🔍 Last analysed 28th August 2021 . No source for current release found

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 the answer is "no", we mark it as "No source for current release found".

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.

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.

Help spread awareness for build reproducibility

Please help us spread the word discussing transparency with CoolWallet Pro  via their Twitter!

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 

This device, running weeks on a single charge connects to its companion app on

via Bluetooth. It features a display and a button to confirm actions.

Searching for the firmware, latest updates thereof and the source code, we find this FAQ question:

Which Operating System Is CoolWallet Using?
The core of CoolWallet is an ARM-based secure element. We developed the native card operating system with cryptocurrencies capability and enhanced security features.

which sounds like the firmware probably is closed source.d

The device uses open standards BIP 039, BIP 044 and BIP 141 for SegWit and not BIP 049.

As suspected though …

Why Is The Firmware Not Open Sourced?
We have ongoing Black-Box test teams working to perfecting our codes and we can provide source codes of the Micro-Controller-Unit code and the firmware. However, only the trusted members of the cryptocurrency communities and/or security industry are welcomed to evaluate and audit all of our code and libraries. Thus, if you are interested to see our code, please contact us at support@coolbitx.com for more details. *An NDA (Non-disclosure Agreement) will need to be signed between you and us. This is to ensure that the shared codes are used solely for personal review.

so as we do not claim or want to be the authority and keep all our analysis transparent, we have to stop here and conclude this product is not verifiable.

(ml, lw)