Titan CoinLatest release: 1.28.0 ( 23rd December 2021 ) 🔍 Last analysed 3rd November 2021 . Custodial: The provider holds the keys
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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)
TitanCoin (TTN) is a multi-currency wallet that supports BTC, ETH, LTC and its own TTN (Titan Coin).
There is an ICO related to this project.
Section 13. Strict Adherence to Country Specific Regulations
TITAN PROJECTS( TTNEX & TITAN COIN, TTN ) reserves it right to demand the “Proof of Source of Funds” from any user, to ensure that the funds and cryptocurrency and digital assets used for trading on our platform originated from legitimate sources. We always endeavor to be compliant with prevailing KYC, CFT & AML guidelines issued by FATF. TITAN PROJECTS( TTNEX & TITAN COIN, TTN ) may, in its discretion, confiscate any balance remaining in the Account and deliver it to any applicable government, law enforcement, or other authorities where circumstances warrant.
We downloaded the app and registered. There is a KYC requirement. We were not able to locate any feature on the app that provides access to the backup seed phrases or private keys.
Absent the ability to retrieve the backup seed phrases, together with an ability to “confiscate the balance of any user’s account”, this service is custodial and the app is not verifiable.
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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