Coin98 FinanceLatest release: 11.7.0 ( 28th May 2022 ) 🔍 Last analysed 10th January 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 ¶
(Analysis from Android review)
The Coin98 website claims to be a wallet from their description…
Coin98 Wallet is the simplest and most secure crypto & bitcoin wallet to store, send, receive and manage your crypto assets, such as Bitcoin (BTC), Ethereum (ETH), TomoChain (TOMO), Ethereum-based ERC20 tokens. etc.
so it claims to manage BTC, it also claims users are in control of their private keys, hence the wallet claim of being non-custodial
Taking full control of your assets with Biometric Authentication and Private Keys: managed by you, none of your personal data collected by the App.
with no source code repository listed or found…
Our verdict: This ‘wallet’ claims to be non-custodial but does not provide public source and therefore is not verifiable.
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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