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LPNT - Crypto Wallet

Latest release: 6.5 ( 23rd October 2022 ) 🔍 Last analysed 1st October 2021 . No source for current release found
4.5 ★★★★★
100 thousand
3rd May 2021

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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.

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The Analysis 

Google Play

From the description:

LPNT wallet allows you to secure, manage and exchange your crypto currencies like BTC, ETH, LTC, DOGE, LPNT and many more. Buy and sell your digital assets now very easy with LPNT wallet app.

It also seems to support its own LPN token (LPNT).

The Site

The website’s main focus appears to be on the LPNT. However, there is a whitepaper that contains some information on the app:

LPNT wallet is a decentralized application that allows users to do the following without requesting their personal information:

  • Protection of your cryptocurrencies for free.
  • Low-cost exchange of cryptocurrencies.

The App

We installed the app to see how it worked. We sign in using our email and enter an authentication code. Users may scan a QR code or use Google Authenticator.

After this, the app instructed us to set up our wallet. A 12-word seed phrase for the account was provided. Users are told to:

Write down your seed and keep it somewhere safe. We do not store it for you.

Note that the seed phrase appears to be meant for the account and not for specific wallets.

After storing the seed phrase, we were asked to enter it for verification.

Once verification is finished users are given access to the app. It is possible to send and receive BTC by scanning a QR code or just the BTC address.

Verdict

While LPNT has a Github account, there does not seem to be a repository for this app. Source code is not publicly available, thus making this app not verifiable.

(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.