Cobo Wallet: Bitcoin, Ethereum, Dash, XRP, XLM

less than 1 minute read

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This app was first launched on 1st July 2018 and currently has more than 100000 downloads, a 3.7 stars rating from 3859 users and the latest APK is version 4.18.0.

Our last analysis was done on 18th June 2020 based on data found in their Google Play description and their website.

We found these ways of contacting the developers:

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Disclaimer

The following Analysis is not a full code review! We plan to make code reviews available in the future but even then it will never be a stamp of approval but rather a list of incidents and bad coding practice. We cannot find and tell you all the dark secrets the wallet providers might have.

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: This wallet was one of the first wallets that was analyzed and back then the custodial wallet was detrimental to call the full wallet custodial. As it apparently also has a non-custodial part, this verdict is not accurate anymore.

This app is at least primarily a custodial wallet:

Cloud Wallet

Designed for user convenience and worry-free investing

Generate stable returns on your crypto assets

Free, instant transfers between Cobo Wallet users

but also has a non-custodial

HD Wallet

Take full control of your assets and private keys for maximum safety

Easily import your mnemonic seeds from other wallets you may own

Support for DApps

EOS & Tron voting

As there is no source code available, claims cannot be checked, which is why the verdict has to be: this wallet is not verifiable.

Verdict Explained

Not verifiable: No Source Code found

This verdict means that we could not find any source to compile the app from. Internally the company might do everything right but as we can't verify it, there is nothing protecting the user from an exit-scam where the provider releases an app that leaks the keys to the servers.

The app 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 app 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.