KEYRING PRO: BTC, Defi, Web3Latest release: 2.0.0 ( 28th May 2022 ) 🔍 Last analysed 17th November 2021 . 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 ¶
(Analysis from Android review)
In any case that you lose a Private Key of your wallets, or swap to a new phone, you only need to use your KEYRING PRO Backup File to restore everything from Bitcoin Wallet, Ether Wallet, BSC Wallet, HECO Wallet, to TOMO Wallet in less than 10 seconds.
Restore Bitcoin Wallet, Ethereum Wallet, Binance Smart Chain Wallet, Houbi ECO Chain Wallet, or TomoChain Wallet easily and instantly
Instead of mnemonics, it advertises a backup file to restore your wallets.
You only need to download KEYRING PRO, choose ‘Backup Wallet’, locate the Backup File on your device, then start the process.
Another alternative option, you can also try ‘One Key’ feature which enables restoration for all accounts with only 01 Private Key.
Keyring Pro states that it has a ‘One Key’ feature.
KEYRING PRO enables users to generate wallets on all supported Chains at once with only one Private Key. All created wallets come with the same exact wallet address.
… which sounds terrible for the user’s privacy.
We tried the app and were able to create a wallet. While we were not provided with a 12-word mnemonic, we were able to download a backup file and view the private key.
This wallet is self-custodial. With no link to a Github account or mention of any source code, we assume this project is closed-source. We also searched the appID ‘co.bacoor.keyring’ on Github in case there was something we had missed. We found nothing of relevance.
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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