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eesty -Smart Wallet

Latest release: 3.0 ( 3rd July 2019 ) 🔍 Last analysed 10th January 2022 . No source for current release found Not updated in a long time
4 ★★★★★
8 ratings
15th February 2018

Jump to verdict 

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 

Private keys

Under the Privacy Policy of Eesty:

It is crucial to note that private keys are never transmitted to our servers, so it is not possible for us to access a user’s Bitcoin, Ethereum and ERC20 tokens in any case.

In the Terms of Use:

Section 2.4 If you lose access to your Bitcoin / Etherum wallet or your encrypted private keys and you have not separately stored a backup of your wallet and corresponding password, you acknowledge and agree, that any Bitcoin, ETH and ERC20 token that you have associated with that wallet will become inaccessible. All transaction requests are irreversible. The authors of the Software, employees and affiliates of BLOCKHIVE, copyright holders, and BLOCKHIVE OÜ cannot retrieve Your private keys or passwords if You lose or forget them and cannot guarantee transaction confirmation as they do not have control over the Bitcoin network and Ethereum network.

No mention of open source

The project does not mention that it is an open source project. It also does not link to Github repository.

Without availability of the public source code, this app is not verifiable.

(dg)

Verdict Explained

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:

Was the product updated during the last two years? If not, we tag it Obsolete!

Bitcoin wallets are complex products and Bitcoin is a new, advancing technolgy. Projects that don’t get updated in a long time are probably not well maintained. It is questionable if the provider even has staff at hands that is familiar with the product, should issues arise.

This verdict may not get applied if the provider is active and expresses good reasons for not updating the product.