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DV Wallet

Latest release: v0.2.4 ( 17th October 2022 ) 🔍 Last analysed 6th July 2022 . Custodial: The provider holds the keys
0 ★★★★★
0 ratings
8th November 2020

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 the answer is "no", we mark it as "Custodial: The provider holds the keys".

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.
The product cannot be independently verified. If the provider puts your funds at risk on purpose or by accident, you will probably not know about the issue before people start losing money. If the provider is more criminally inclined he might have collected all the backups of all the wallets, ready to be emptied at the press of a button. The product might have a formidable track record but out of distress or change in management turns out to be evil from some point on, with nobody outside ever knowing before it is too late.

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.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis 

(Analysis from Android review)

This app claims to be a multi-currency digital wallet. Its description advertises the following:

  • Intuitive UX configuration makes it easy to transmit crypto.
  • It is easy to send to contacts/QR codes.
  • Transfer between DV Wallet users is free of charge!
  • Multi-currency Support
  • It supports Bitcoin (BTC), Ethereum (ETH)

Searching for the company’s name, “LOGOS Foundation PTE LDE” took us to what can be assumed to be the official site. There we found the product’s whitepaper. One section had information on how the app encrypts private keys:

Decentralized Security Wallet Service

Logos encrypts and stores user information for safekeeping of assets. The parser responsible for key distribution receives a randomly generated 256bit key from the Dynamic Key Management System (DKMS) and encrypts it with the seed encryption algorithm. Afterwards, the key is divided according to the number of storage nodes and the linked list is implemented and stored in each storage node. If stored, distribute keys to be stored jointly with their distributed keys on the left and right brother storage nodes to form a recoverable environment by bypassing the storage node even if the storage node is not connected due to an accident. In addition, it plans to store various areas to prepare for non-permanent situations such as natural disasters.

In the same page:

Logos will store private key using secure enclave and security keystore provided by platforms from iOS and Android.

DV Wallet’s code is not up for review and there’s nothing on the website on how to backup/restore a wallet. While the provider does claim that private keys will store private keys protected by mobile phone features, the fact that transactions between DV Wallet (LOGOS)’s users are advertised as free strongly hints to this product being custodial as else, Bitcoin transactions would cost at least a small fee always.

(dg)