Zeniq & Safir Hub🔍 Last analysed 11th March 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.
The Analysis ¶
⚠️ Warning: There are some third-party websites that have raised red flags concerning this product/project. We would not be linking to them as they have received adverse reactions from the project creators by filing copyright claims against their hosting provider. We leave that for you to Google.
The Zeniq Hub is basically a tablet with pre-installed software, which includes masternode functionality. We assume that it’s the.
The project mentions “tokenized fundraising” on its homepage:
Through “Tokenized Fundraising” (token-based capital raising), which is comparable to “Initial Coin Offerings” (ICOs), start-ups have been able to raise billions of Euros / Dollars in recent years.
The project mentions the Zeniq Safir Hub as a hardware wallet.
There is an ERC20 token with the same name, the Zeniq Coin.
It says on their website that the Zeniq Hub can issue coins:
Issuing through mining (1%) and minting (99%) on the ZENIQ HUB only
The ZENIQ coin can be used as a platform for tokens e.g. for customers in profit-sharing projects, physical assets (e.g. objects of art, precious metals, real estate) and much more
It was hard to gather technical information about the device itself since much of the service is bundled in marketing speak.
The tablet is described as having a:
- 7-inch HD touch screen
- 2 GHz with 6 core processors
- 200+ GB memory
- Portal for digital investments
- Direct access to the decentralized ZENIQ Exchange
- No KYC required
- Each Zeniq Hub is a Zeniq masternode
- Mints Zeniq coins on a daily basis
- Generate IBAN yourself
Since we cannot find any specifications for the device, we can only infer from the information that we were able to find publicly. Most of their material is marketing oriented.
Note that several domain names have been registered which possesses the project’s likeness.
We assume that the Zeniq app is installed on the tablet. IF this is true, then we would have to assess the Android app.
We installed the
It is a multi-currency app, with Bitcoin send and receive support.
There is also an option for backing up via 12-words.
There is no reference to the project being an Open Source project and we could not find any links to a publicly available source code.
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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