Digital MoneyLatest release: 1.4.1 ( 16th February 2022 ) 🔍 Last analysed 22nd November 2021 . 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 ¶
(Analysis from Android review)
Digital Money provides secure and easy access to purchase cryptocurrencies from anywhere using a Debit/Credit Card 💳. We plan to release more currencies as the month’s tick along. Currently, we support BTC only.
The Terms of Service say that Digital Money has the right to suspend your access to their services.
We may terminate or suspend Your access immediately, without prior notice or liability, for any reason whatsoever, including without limitation if You breach these Terms and Conditions.
Upon termination, Your right to use the Service will cease immediately.
We installed the app and registered. We were allowed to create a new wallet or import one via a backup phrase.
Upon creating a new wallet, we were provided with a 12-word mnemonic and asked to safeguard it.
Digital Money can suspend your account, thus terminating your access to the service - and any funds stored inside the app. However, it also provides you with the private keys and allows you to restore your wallets.
In this case, we classify the app as self-custodial. Nevertheless, there is no information on the source code being publicly available. We also checked the site and searched the appID ‘co.digitalmoney.dmapp’ on Github, with no results. We conclude that it is likely that there is no available source to verify.
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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