This app was first launched on 15th November 2016 and currently has more than 100000 downloads, a 3.8 stars rating from 1406 users and the latest APK (version Varies with device) was from 4th March 2020.
We found these ways of contacting the developers:
Help spread awareness for build verifiability
Please help us spread the word, asking CoinPayments - Crypto Wallet for Bitcoin/Altcoins 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.
The description is not very clear but sounds a bit like this app is custodial.
Their website is mainly about payment integrations for merchants but also has a page dedicated to the mobile apps which is not very detailed but our guess for now is that
Now you can easily access your CoinPayments account to send and receive coins, accept POS payments in person, and exchange many of our coins anywhere you have internet access.
means you can access your coins which are stored on their servers thus this is a custodial app.
Our verdict: not verifiable.
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.