CoinCircleLatest release: 1.1.1 ( 21st January 2022 ) 🔍 Last analysed 18th October 2021 . 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 Google Play description gives the impression that this app is non-custodial:
You get the keys and you are in complete control of your digital assets.
Users may also buy bitcoin and other cryptocurrencies.
The app was unavailable in our region, so we could not test it.
CoinCircle states that it develops open-source tools and applications.
CoinCircle Labs is developing open-source tools and applications for the blockchain community as a whole. It is our goal to make the blockchain network more accessible to other developers through open-source collaboration.
However, none of the repositories found in the Github account appear to be directly related to CoinCircle’s wallet on the Play Store.
We contacted CoinCircle via their official twitter account to ask them whether the project is opensource or not. We are still awaiting their response.
While this claims to be a non-custodial wallet, we have no source to verify this. The app 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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