RioWallet: Web3 Crypto Wallet

Latest release: 2.9.8 ( 11th August 2022 ) 🔍 Last analysed 15th November 2021 . No source for current release found

Downloads

1 thousand

Launched

29th April 2021

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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.

If you find something we should include, you can create an issue or edit this analysis yourself and create a merge request for your changes.

The Analysis ¶

App Description

Deposit, Withdraw and Transfer Cryptocurrencies in one Wallet.
RioWallet currently supports Bitcoin (BTC), Ethereum (ETH), Tether (USDT), and RioFuel (RFUEL). Manage your crypto assets on the go within a single app.

RioWallet claims to be self-custodial, stating that they do not have access to your private keys.

We do not have access to your private keys, so please make sure to securely back up your mnemonic phrase. This mnemonic phrase will be needed to recover your wallet in case you lose access to your phone or computer

The Site

In the FAQs, there’s more information on the wallet:

Rio Wallet is a cryptocurrency wallet that’s available on both mobile phones and web browsers. It allows users to interact with RioChain to send and receive cryptocurrencies, as well as view their public and private keys. The cryptocurrencies are stored in a distributed manner and maintained in publicly available ledgers called blockchains. It also features a decentralized application (dApp) section for users to explore various dApps built on RioChain.

It’s a decentralized wallet and it claims to have ‘cross-chain interoperability,’ meaning one wallet can hold assets from other blockchains.

The App

We tried the app and were given the option to create a new ‘Identity Wallet’ or import an existing one. We are asked to set a 6 digit PIN and then set a name and transaction password for the wallet. You are then provided with a 12-word recovery phrase and then asked to back it up.

There are multiple assets you can manage in a single wallet, including BTC or Ethereum. You are given a deposit address and you can send BTC by pasting an external address.

Verdict

Due to this app providing users with the means to back up their wallets with the private key, we can conclude that it is self-custodial. However, on the topic of reproducibility, we could find no indication that this app is meant to be open-source. There was no mention of their code on their website nor through searching for their appID ‘com.riodefi.store’ on their Github profile. We have to conclude that this app does not provide the source code.

(dg)

Verdict Explained

Without public source of the reviewed release available, this product cannot be verified!

As part of our Methodology, we ask:

No Source!

Is the source code publicly available?

If the answer is "no", we mark it as "No source for current release found".

A wallet that claims to not give the provider the means to steal the users’ funds might actually be lying. In the spirit of “Don’t trust - verify!” you don’t want to take the provider at his word, but trust that people hunting for fame and bug bounties could actually find flaws and back-doors in the wallet so the provider doesn’t dare to put these in.

Back-doors and flaws are frequently found in closed source products but some remain hidden for years. And even in open source security software there might be catastrophic flaws undiscovered for years.

An evil wallet provider would certainly prefer not to publish the code, as hiding it makes audits orders of magnitude harder.

For your security, you thus want the code to be available for review.

If the wallet provider doesn’t share up to date code, our analysis stops there as the wallet could steal your funds at any time, and there is no protection except the provider’s word.

“Up to date” strictly means that any instance of the product being updated without the source code being updated counts as closed source. This puts the burden on the provider to always first release the source code before releasing the product’s update. This paragraph is a clarification to our rules following a little poll.

We are not concerned about the license as long as it allows us to perform our analysis. For a security audit, it is not necessary that the provider allows others to use their code for a competing wallet. You should still prefer actual open source licenses as a competing wallet won’t use the code without giving it careful scrutiny.

The product 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 product 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.

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