KELTA - Buy & Sell BitcoinLatest release: 3.1.1 ( 23rd November 2021 ) 🔍 Last analysed 1st October 2021 . Custodial: The provider holds the keys
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)
We strongly advise users to exercise caution when using this app. See below.
It is apparent that English is not the primary language of the writer of their Google Play description, so we will try our best to paraphrase it.
Kelta claims to be a wallet that supports multiple cryptocurrencies including BTC, ETH, DOGE, BCH, LTC and others. It also claims to allow users:
create your new source of long-term passive income thanks to blockchain technology
It has an ERC20 standard utility token called KELTA(KLT). Each of which it claims to:
represent access to 1 watt of the data center’s capacity. Ownership of one token gives you unlimited access to one watt of the computing power your use for cryptographic operation.
It also claims to give payouts every Monday
PAYOUT EVERY MONDAY
Payout is a revenue from the use of computing power and represents your passive income. Its amount depends on the number of KLT tokens you own and use, your activity, the use of cost reduction tools or the use of Blueprint service, which enables you to copy signals of successful users and increase your income.
The Kelta whitepaper indicates that it held an ICO in 2018:
KLT tokens will be available for purchase for a limited time by means of an initial coin offering (ICO). Tokens will be available for sale for 70 days, starting January 15, 2018 and ending March 25, 2018. During the pre-sale, tokens will be available for as low as $ 4.00 each, while a minimum purchase amount of 10,000 tokens will be enforced. During the token sale no minimum purchase is to be enforced, but the price of tokens will increase exponentially week by week.
Its Terms and Conditions does raise a few questions about this specific phrase in Section IV - Deposits, Withdrawals and Transactions:
- All transactions, deposits and withdrawals related to KELTA ́s services are carried out primary in the USDT currency, unless KELTA determines otherwise.
- It is also possible to make deposits in the Ethereum and Bitcoin currency. In this case, it is necessary for the User to convert these cryptocurrencies into USDT via the KELTA App. Transactions of purchase and sale of KLT tokens can be realized only in relation to USDT.
Deposit and withdrawal transfers can be made only by using a Digital wallet of the User or via a Cryptocurrency ATM.
As strange as all of these may seem, we were able to access the service via the web app, register and create a bitcoin wallet. Once the BTC wallet has been generated, we were able to generate a QR code for deposits. Withdrawal is also possible from the interface, but we did not test it with real funds.
Google Play Reviews
★☆☆☆☆ August 2, 2021
I have an issue with this application. Now I am a crypto investor that once used this platform to make a passive income. Now that I no longer desire to use the platform. Any and all of my crypto earnings that was acquired while. Using the platform I am being hindered from WITHDRAWING what is rightfully mine. And I have sent numerous emailsfor the last 9 months without any responses. So I strongly advise anyone interested in using the KELTA PLATFORM NOT TO USE IT THIS IS A COMPANY THAT SCAMS.
★☆☆☆☆ April 2, 2021
Unfortunately I had an account for quite a long time. Everytime I try to log in now it says incorrect password even though I just reset my password. Tried contacting support a million times on different emails for months and no reply…this is really unfair as there are funds there and is rather unfair.
Kelta is a complex service that warrants caution on the part of people who want to put funds in their platform. Even though there appears to be a mechanism to receive, store and send bitcoin on the site, we have qualms about its general nature, specifically the terms and conditions and the whitepaper itself. But with the facts that we’ve gathered, we can only label this as custodial and 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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