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Ore System CoolWallet Pro

🔍 Last analysed 18th May 2022 . No source for current release found

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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 

Background Information

The ORE System is a next-generation block-chain technology that creates value for content-creators, collectors, and studios.

ORE System specializes in blockchain enabled gaming and integration. The ORE System is a single ecoverse including The ORE Token, The ORE SDK, The ORE Forge and The ORE Stealth.

The ORE System card is a co-branding effort with:

Interested users can find more information about their co-branding partnership on this page.

Product Description

As a co-branded device with CoolWallet Pro , we believe that it possesses the same characteristics - including the price.

  • Encrypted Bluetooth connection for Android and iOS
  • EAL 6+ certified Secure Element
  • DeFi, Dapp and NFT (e.g. Rarible, Opensea) In-app Integration Coming Soon
  • Multi-cryptocurrency Support
  • Trading features
  • Staking
  • Tron (TRX), Cosmos (ATOM), PolkaDot (DOT), BEP20 Token- BNB, BEP20 Official and Customized Tokens, TRC20 Tokens – USDT / USDJ / JUST / WBTT / WIN & All Other TRC20 Tokens
  • Bitcoin Specification Supported
  • Bitcoin algorithm: Support transaction signing algorithm ECDSA with specified elliptic curve secp256k1
  • BIP-32 : BIP-32 HD Wallets
  • BIP-44 : BIP-44 Support multiple coin type and accounts. Each account includes up to 232 external and internal Bitcoin transaction addresses
  • Seed Generation
  • Generate seed directly from the CoolWallet Pro (recommended) or via the CoolBitX Crypto App.

Analysis

The unboxing video from ORE System shows a CoolWallet Pro box. But the card inside shows the branding of the ORE System.

As indicated in the CoolWallet Pro No Source! review, the firmware is not publicly available.

We’d like to add that the device pairs with a mobile app. We’ve asked ORE System via Telegram whether their device pairs with the following apps or if they have their own:

CoolBitX (the manufacturer of the CoolWalletPro) disclosed in December 18, 2020, that the device has a vulnerability related to its Bluetooth pairing. The vulnerability exists given the following conditions:

  1. If a user uses the basic wallet creation and wallet recovery functions through an outdated app version.
  2. If a malicious actor is physically within 30 meters of you and your CoolWallet at that time.
  3. If the bad actor has prepared a second CoolWallet to intercept private information.

This has since been patched. The url for this article describes this as a “Seed Replay Attack”, which can only be executed provided the 3 conditions above are met.

While the Javascript SDK for the CoolWallet Pro is available on their GitHub repositories, we were not able to find the firmware’s repository.

(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. 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.