Bitpie Wallet - Bitcoin USDT ETH EOS BCH TRON LTC

1 minute read

Published:

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This app was first launched on 23rd October 2016 and currently has more than 10000 downloads, a 4.2 stars rating from 501 users and the latest APK (version 4.5.4) was from 12th February 2020 and is newer than the below reviewed version of the app.

Our analysis was done on 25th December 2019 based on data found in their Playstore 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

This app has bold claims:

Bitpie Wallet is the world’s leading multi-chain wallet

Many apps we review, claim to have a unique position somehow. For now we just assume it claims to be a wallet.

Access to BitHD Cold wallet;

What exactly does that mean? access to cold wallet sounds like an oxymoron assuming a cold wallet is defined as one that is offline. (Update: As we later found out, they also provide a hardware wallet. In how far a bluetooth connected hardware wallet can be considered a “cold” wallet is debatable though, too. But they share that hardware wallet’s source code.)

Here there are the key words we want to read:

As a true decentralized wallet, your private key will never leave the device.

It is non-custodial. At least so they claim. Let’s see if it is verifiable …

In the description we find no link to their source code. On the website …

(The provider might want to change those download links “Google down” could be mistaken as the link being “down” as in “unavailable”.)

Unfortunately we cannot find any code for the Android wallet and thus have to give the verdict: not verifiable.

Verdict Explained

Not verifiable: No Open 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.