Well Wallet - BitcoinWellLatest release: 1.7.0 ( 20th April 2022 ) 🔍 Last analysed 15th November 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)
Rise Wallet is a simple bitcoin wallet app, optimized for new users. Redeem our Bitcoin Gift Card instantly. Control your funds via the private key. Manage any number of wallets with a single key. Enjoy real time bitcoin price quotes and price history analysis. Use the built-in Bitcoin Marketplace to learn about the ecosystem. Bitcoin ATM locator helps you get quick cash for your coins when needed.
Terms and Conditions
We read Rise’s Terms and found this provision, under Section 4 stating that users cannot:
Reverse engineer any aspect of the App, or do anything that might discover source code or bypass or circumvent measures employed to prevent or limit access to any content, area or code of the App.
Once you start the app users are given three options: redeem btc, open a new wallet and open existing wallet. Users are then given the private key.
The wallet supports sending and receiving BTC.
There’s no information if the source code is available and no Github account either. We assume that the source code is simply not publicly available, thus making this app 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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