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GWallet

Latest release: 1.1.56 ( 1st October 2022 ) 🔍 Last analysed 10th November 2021 . No source for current release found
1 thousand
16th February 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

The app is a self-custodial, XLM-centric wallet with BTC support.

The Site

The service includes:

  • Swap engine
  • P2P Exchange
  • Zakat Feature

FAQs

A keystore wallet file is a file that stores our secret key in encrypted form. You get to choose a password to encrypt the file with. This way, if a hacker gets your file, they would still need the password that you chose in order to access your wallet. This means, that if you choose a strong password, you can more safely back the file up in the cloud without worrying about hacks. When you login to Gwallet, you will be asked for your keystore file AND your password. You should back up both of these pieces of information (as GWallet does NOT store your keystore wallet file or your password). If you are worried about accessing your private key if you use this method, don’t worry. You can see your secret key once you log in at Wallet > Profile > Advanced. However, please be sure you really want to access your secret key. Understand, you already have your secret key in your keystore file but in a third-party audited, securely encrypted form. Once you have your secret key, you will have to protect it!

The App

“Create a Wallet” and “Import a Wallet” are the first two options once the app is launched. A deposit of 5 XLM is required to activate the wallet. The wallet supports multiple cryptocurrencies including BTC. Users can send and receive BTC.

Verdict

This is a self-custodial wallet that supports the sending and receiving of BTC. However, a search for the appID ‘gwallet.tech’ on github, yields 0 results. This means that the developers have not made the source code available for verification.

(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.