Shenzhen Feitianzhou Fitqian🔍 Last analysed 17th May 2022 . No source for current release found
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 ¶
The Shenzhen Feitianzhou Fitqian tried to capitalize on cryptocurrency interest by combining the idea of a smartwatch with a cryptocurrency hardware wallet. We could not locate Shenzhen Feitianzhou Technology Co., Ltd.’s website, but were able to find a listing on tradewheel.com. Interested buyers must inquire with them first via webform. The last social media posts for the Fitqian on Facebook was made on April 26, 2019.
Product Information from Tradewheel
- Brand Name: ODM
- Encryption: Yes
- Video Memory Capacity: u2264 64MB
- Chipset Manufacturer: INFINEON
- Type: Smart watch
- Products Status: Stock
- Rating Power: < 150W
- Output Interface Type: BLE4.0
- Place of Origin: Guangdong, China (Mainland)
- Material: Metal
- Style: Bracelet, watch
- Memory Interface: 32 Bit
- Memory Clock(Mhz): 60
- Interface Type: BLE4.0
- Wearable cold wallet: safest
- Product name: Bitcoin wallet
- Coin: BTC BCH UBTC HBTC Cryptocoin
Wallet creation occurs on the actual device and the mnemonics are given. The watch can be paired with the Fitqian app. We were not able to locate the app. From the video demonstration, we were able to glean that transaction details are not displayed from the watch. In lieu of the transaction details, an OTP appears on the watch which the user must then input on the mobile phone app.
We could not find information on whether the watch adheres to BIP standards. It was also not described as an open-source project. However, we could see from tradewheel that it is still possible to contact Shenzhen Feitianzhou Technology Co., Ltd. to inquire about the device. Since we could not locate its home page, we were also not able to find a related repository.
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.
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