CoinUs 2.0: 3.0 New App LaunchLatest release: 2.9.0 ( 3rd January 2022 ) 🔍 Last analysed 31st May 2022 . No source for current release found Not functioning anymore
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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 ¶
Update 2022-04-17: This app is not available anymore.
(Analysis from Android review)
Coinus Support page:
What coins/tokens can I use in Coinus Wallet?
The Coinus wallet supports Ethereum/ERC 20 tokens, EOS/Eos tokens, Bitcoin, and Raven.
Coinus further describes itself as a “decentralized wallet” and states on private keys:
CoinUs does not store private key and users are responsible for damages from loss or leakage.
This is further confirmed in the support article “Checking the Private Key”
This is evidently a self-custodial wallet, however we have been unable to locate the source code. We emailed their support on September 12, 2021 and has so far, not been able to receive a reply.
Thus our verdict is a self-custodial wallet, however it has no source code that can be verified.
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.
But we also ask:Is the product still supported by the still existing provider? If not, we tag it Defunct!
Discontinued products or worse, products of providers that are not active anymore, are problematic, especially if they were not formerly reproducible and well audited to be self-custodial following open standards. If the provider hasn’t answered inquiries for a year but their server is still running or similar circumstances might get this verdict, too.
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