SafeWallet - Buy Bitcoin/ETH/USDT, Crypto Wallet

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This app was first launched on 31st January 2018 and currently has more than 100000 downloads, a 4.5 stars rating from 3131 users and the latest APK (version 3.2.5) was from 30th May 2019.

Our analysis was done on 20th December 2019 based on data found in their Playstore description and their website .

We found these ways of contacting the developers:

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 wallet has not much information out there. On the one hand we read:

SafeWallet is a decentralized wallet ⚠️ Why decentralized wallets like SafeWallet? Decentralized wallets are safer than centralized wallets or exchanges.

Ok? So … is it non-custodial then? Sounds like it.

✅ Why SafeWallet? SafeWallet have equipped with a full suite of malware defense systems to kill all known malware, and also a three-tiered defense system against unknown viruses.

That sounds a lot like snake-oil salesman to us.

Contact Us Telegram: https://t.me/safewalletgroup

When we had a look, the last messages were advertising cloud mining, which often are scams and should probably not be allowed in a wallet support chat.

All in all there are no strong claims about self-custody of the money and given they explicitly do not support industry standards:

💯QR code-based user identification system: SafeWallet ID Back up easily by remembering three self-selected questions, instead of the traditional backup mode of transcribing complex mnemonic phrases and private keys on paper

Our verdict: this app is not verifiable.

Verdict Explained

Not verifiable: Custodial

This verdict means that the app might or might not be open source and maybe it is even possible to reproduce the build from the source code but as it is custodial, the provider already has exclusive control over the funds, so it is not a wallet where you would be in sole control of your funds.

Custodial wallets might not be the worst option for all users.

  • Do your own research if the provider is trust-worthy.
  • Do you know at least enough about them so you can sue them when you have to?
  • Is the provider under a jurisdiction that will allow them to release your funds when you need them?
  • Is the provider taking security measures proportional to the amount of funds secured? If they have a million users and don't use cold storage, that hot wallet is a million times more valuable for hackers to attack. A million times more effort will be taken by hackers to infiltrate their security systems. Will they detect when for some software error a hacker is spending other people's money before the losses are unrecoverable?

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.