Bibox Pro: Buy & Sell BTC,ETH,Latest release: 5.0.5 ( 4th June 2022 ) 🔍 Last analysed 15th September 2021 . Custodial: The provider holds the keys
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Please help us spread the word discussing the risks of centralized custodians with Bibox Pro: Buy & Sell BTC,ETH, via their Twitter!
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)
Update 2022-01-28: This app is not in store anymore.
From its Google Play description:
Bibox, AI-enhanced digital asset exchange, is one of the world’s best cryptocurrency exchanges now. Bibox provides token exchange, contracts, bonds and margin trading with high liquidity and market depth.
Our initial assessment indicates that this is a centralized exchange.
We downloaded the app and found that it is possible to send and receive BTC. However, you are not provided with the keys to the wallet.
We emailed Bibox support to further validate our findings.
Until such time that new information arises, and with no mention of self-custody, it’s presumable that this app is custodial and not verifiable.
We will update the verdict once they have replied.
As the provider of this product holds the keys, verifiability of the product is not relevant to the security of the funds!
As part of our Methodology, we ask:Is the product self-custodial? If not, we tag it Custodial!
A custodial service is a service where the funds are held by a third party like the provider. The custodial service can at any point steal all the funds of all the users at their discretion. Our investigations stop there.
Some services might claim their setup is super secure, that they don’t actually have access to the funds, or that the access is shared between multiple parties. For our evaluation of it being a wallet, these details are irrelevant. They might be a trustworthy Bitcoin bank and they might be a better fit for certain users than being your own bank but our investigation still stops there as we are only interested in wallets.
Products that claim to be non-custodial but feature custodial accounts without very clearly marking those as custodial are also considered “custodial” as a whole to avoid misguiding users that follow our assessment.
This verdict means that the provider might or might not publish source code and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has control over the funds, so it is not a wallet where you would be in exclusive control of your funds.
We have to acknowledge that a huge majority of Bitcoiners are currently using custodial Bitcoin banks. If you do, please:
- Do your own research if the provider is trust-worthy!
- Check if you know at least enough about them so you can sue them when you have to!
- Check if the provider is under a jurisdiction that will allow them to release your funds when you need them?
- Check if the provider is taking security measures proportional to the amount of funds secured? If they have a million users and don’t use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems.
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