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BitKan: Buy BTC, ETH,DOGE,SHIB

latest release: 8.0.75 ( 24th November 2021 ) last analysed  21st October 2021 No source for current release found 
5.0 ★★★★★
772
24th June 2015

Jump to verdict 

Help spread awareness for build reproducibility

Please help us spread the word discussing transparency with BitKan: Buy BTC, ETH,DOGE,SHIB  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.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

(Analysis from Android review)

App Description

BitKan is a one-stop investment service platform for Bitcoin. BitKan provides multiple services such as Market Price Watch, Informations, Community K Site, Digital Wallets.

The Site

User Agreement

您可以使用钱包来保存钱包支持的货币和数字代币及其对应的钱包支付密码和私钥。 为免生疑问,Bikan平台的数字钱包服务不包括:(1)存储用户密码安全问题及答案; (2) 冻结钱包; (3) 挂失钱包; (4) 恢复钱包; (5)回滚传输。

According to Google Translate:

You can use the wallet to keep the currency and the digital tokens supported by the wallet and their corresponding wallet payment passwords and private keys.

For the avoidance of doubt, the digital wallet service of the Bikan platform does not include: (1) store user password security questions and answers; (2) freeze the wallet; (3) report the loss of the wallet; (4) restore the wallet; (5) roll back the transfer.

The App

We downloaded the app and registered. We then tried looking for the private keys.

Note that Bitkan has on several occassions referred to private keys in these articles:

Institutional Custody Will Challenge Retail-Oriented Crypto, What are Private Keys and Why Are They Important and Proof of Keys: A critical Test for bitcoin.

Despite these articles, we were not able to locate any information pertaining to the keys on their platform. The articles merely referred to them as educational material.

Contact

Absent credible proof or documentation where the private keys are stored, we reached out to Bitkan via Twitter to ask.

Verdict

While waiting for their reply, we are going to assume that as the keys are not actually accessible or viewable at the moment. In that case, we are compelled to mark this app as custodial unless there is further update or clarification from the providers. Thus, this app is not verifiable.

(dg)

Verdict Explained

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.

The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.