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Digital Bank Crypto Vault

🔍 Last analysed 10th May 2022 . Announced but never delivered

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The Analysis 

Background

The seller of this product claims that it has “no private keys stored anywhere:”

The DigitalBank device does not store and has no way to store private keys, therefore an online or offline attack is not possible.

Digitalbank tried to fund their project through Kickstarter in 2019 but was only able to raise $2 out of their target goal of $18,923.

Upon checking their Github page, we see PDF files, jpgs, and information about their token sale.

Product Description

⚠️ Note: These are claimed features from their “specification sheet”. We have no way of verifying if these are true.

World’s Most Secured Crypto Storage Technology

ALL-IN-ONE CUSTODY PLATFORM BUILT FOR BANKS, FINANCIAL INSTITUTIONS, FAMILY OFFICES, HEDGE FUNDS, CRYPTO EXCHANGES, HIGH NET WORTH CRYPTO INVESTORS.

Digital Asset Security Infrastructure:

The Highest security custodian technology for managing and safeguarding digital assets.

The DigitalBank Crypto Vault allows Anonymous, Unseizable, Unfreezable, Independent, Unbreakable Control of Crypto Assets.

The User himself, with a secret phrase that he only knows, and his personal set algorithms create the Private/Public Keys Pairs. The Private Key stored for a few milliseconds, offline, just for confirming the transaction, is then deleted in a sophisticated way, permanently, from the device used, and from that moment the private key cannot be found anywhere.

At any given time, there are no third parties involved, nobody knows your private key and they are never stored on any servers or devices. If the device you used is taken apart and forensically analyzed no real data can be ever retrieved.

  1. Independent Offline “Air Gapped” Self Working SuperEncryption System, not internet connected, with no servers or third party services involvement.
  2. Resist any attacks of unlimited resources. “Above Government” Level Encryption.
  3. KEYLESS Random Encryption Keys generated by the user only, for a few milliseconds, then erased permanently from the system, not stored anywhere and never exchanged, therefore cannot be intercepted or hacked. Immune to Digital Forensic Analysis
  4. SUPER ENCRYPTION. 4 Consecutive Layers of Symmetric Encryption: OTP, AES 256, Blowfish 448 + TwoFish 256.
  5. DBV SuperEncryption is Unbreakable and Indecipherable, no matter how much computational power you will apply.
  6. “Above Government” level of encryption. Encrypted Files convey zero info about original content.
  7. ABSOLUTE PRIVACY. Impenetrable Personal, Unique, SuperEncrypted System for each client, coming with a dedicated set of encryption algorithms, allowing to create a private, individual communication network and encrypted databases
  8. Air gapped, immune to remote hacking and espionage, ransomware, malware, data breach, surveillance
  9. Multi-signature, multi-layer encryption, multi-lingual
  10. Homomorphic encryption

Analysis

A lot of fantastic claims are made about the product. However, we have some qualms about the presentation of the “device” due to the following reasons:

  1. Some of the photos that were displayed, particularly the one for this review, is not their original photo. It is a stock photo of a black mobile phone.
  2. The video marketing material seems to be stock video with overlaid text. This includes a video of Barack Obama and Volodymyr Zelensky holding a mobile phone up.
  3. We’re a bit confused about this particular seemingly contradictory claim from their PDF file:

    The DigitalBank Vault is a new form of ultra-secure crypto storage, totally controlled by the user and requires no private/public keys pair management.

    Our Custodial Systems are based on the Triple Zero Standard 000 developed by our laboratories: Zero Trust - Zero Knowledge - Zero Storage

    On one end, they claim that the device/service is “totally controlled” by the user. Yet in the next paragraph, they claim to have a “custodial system”.

  4. We also have concerns arising from their order and checkout procedure. Unlike most vendors who use Shopify or some other checkout platform, ordering their device requires contacting them through a web form.
  5. From the video presentation on this page, it appears that their offering is an Android app. There is a passphrase section, but no seeds are generated. The dashboard shows a multicurrency platform with support for ETH, BTC, and DASH. They have made no claim that the project is Open Source and we have found any source neither.
  6. The picture of their CEO Tim Weiss has another name on their LinkedIn page: Moty Weissbrot.
  7. Their GitHub page does not contain code for their app.

The absence of proof is not proof of absence. However, given the sketchy nature of this company and this product, we do not believe that there is an actual device that is being offered as a hardware wallet. It is possible that they may have developed a simple multi-currency app, but even that is not readily downloadable on their site or Google Play. We deem this service as vaporware.

(dg)

Verdict Explained

This product was announced but never released.

As part of our Methodology, we ask:

Can we expect the product to ever be released? If not, we tag it Vaporware!

Some products are promoted with great fund raising, marketing and ICOs, to disappear from one day to the other a week later or they are one-man side projects that get refined for months or even years to still never materialize in an actual product. Regardless, those are projects we consider “vaporware”.