This app was first launched on 19th October 2018 and currently has more than 50000 downloads, a 4.3 stars rating from 456 users and the latest APK (version 2.0.7) was from 28th April 2020.
We found these ways of contacting the developers:
- Website: monarchwallet.com
- Twitter: @Monarchtoken
- Facebook: MonarchWallet
- Reddit: r/MonarchToken
- LinkedIn: company/monarchtoken
Help spread awareness for build verifiability
Please help us spread the word, asking Monarch Wallet to support verifiable builds via their Twitter!
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.
This app appears to have been created for Monarch Tokens but it also features a Bitcoin wallet.
There, we found this question in their FAQ:
Lost My Seed Wow this is a problem. We’re so sorry, we are a decentralized wallet, this means you and only you own your seed. If you lost your seed there is nothing we can do for you.
which means they claim to be a non-custodial wallet. But can we find the source code?
We see no link to source code on Google Play or on their website(s) and also a search on GitHub yields no results which leaves us to assume this app is closed source and therefore not verifiable.
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.