The Circle App WalletsLatest release: 2.1 ( 11th December 2021 ) 🔍 Last analysed 6th January 2022 . No source for current release found
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 Circle App is a simple, secure, peer to peer and decentralized wallet app for GTPLUS, GTFTA and BTC. With its user-friendly UI and easy-to-use functions, The Circle App offers a highly secure portal to access BTC and stellar blockchain tokens such as GTPLUS and GTFTA. Within this app, users can send, receive and exchange cryptocurrencies instantaneously with a few simple steps. Users can also use smart contracts and browse web-based decentralized applications (Dapps).
The Circle App uses the latest security mechanism to protect user accounts against unwanted activities by making the user’s private keys and sensitive data only available to the user’s device by utilizing special encryption algorithms. This ensures that only you can have control over your crypto currencies such as Bitcoin, GTPLUS and GTFTA. No third party including The Circle App itself can either access the user’s cryptocurrencies or restrict any transaction user would like to make. All the transactions over the circle app network are secure, safe, anonymous and instantaneous.
The Site and the App
Users can sign up on the website. There is a bitcoin wallet that can send and receive.
The 12-word backup seeds can be accessed via ‘Settings’. If you signed up on the website and want to log in via the mobile app, you would have to input the seeds that you got from the website.
We couldn’t find a link to their source code and also searched for appID
com.thecirclewalletapp on Github and it yielded 0 results. A closed source app cannot 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.
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