BlackFort Wallet & ExchangeLatest release: 1.8 ( 27th October 2021 ) 🔍 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)
BlackFort Wallet & Exchange is a secure client-side Wallet Application that allows its users to Buy/Sell and store as well as send and receive cryptocurrencies like Bitcoin, Ethereum, Bitcoin Cash, DASH, XRP, Litecoin, USDT, BXF and all ERC20 Tokens in one place.
BlackFort Wallet is a one-stop platform. Users who are looking for a simple and intuitive experience of using crypto with advanced client-side security as well as the possibility to exchange and buy/sell crypto in a few simple steps then BlackFort Wallet is your partner.
With BlackFort Wallet the user is in full control of their funds. Private keys are stored on the device and never leave it, protected by a 12-word mnemonic phrase to prevent any unauthorised access to the funds. The user can also use their phone’s native security features to lock the Wallet application for the extra layer of protection. A passcode or the biometric security unlock can be used.
The first options allowed users to create a new wallet or to restore. It then asked us to register. It then provided the 12-word backup phrase. It supports multiple cryptocurrencies including BTC.
BlackFort Wallet is a self-custodial app. However, we could not find any information on whether it has accessible source-code. There was no reference to open source on their website nor a link to Github. For due diligence, we searched on Github for their appID ‘exchange.blackfort.wallet’ and yielded 0 results. Searching on Google for “Blackfort wallet source code” also did not return anything relevant. We also asked them on twitter.
We conclude that this app’s source code is not publicly available, therefore it 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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