DropBit: Bitcoin Wallet

less than 1 minute read

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This app was first launched on 1st August 2018 and currently has more than 10000 downloads, a 2.8 stars rating from 165 users and the latest APK (version 3.2.7) was from 28th January 2020.

Our analysis was done on 8th April 2020 based on data found in their Playstore description and their website and their source repository. We discuss the issue with verification with the provider here.

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

Dropbit was a custodial lightning wallet and appears to still be a non-custodial on-chain bitcoin wallet. As all funds on the lightning side are locked up with no comment from the provider (who apparently is in jail), we mark this wallet as defunct for now.

Verdict Explained

This app is no more. The provider removed it from Google Play and/or stopped supporting it.