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slimTECH Cryptolite Cold Storage Wallet

🔍 Last analysed 4th April 2022 . Bad Interface Not functioning anymore
3rd January 2018

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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 

⚠️ Note: Some users have complained on social media that they were not able to receive their devices.

Product Description

Introduced on January 13, 2018, the product is a unique card-holder embedded with an NFC. Users can receive cryptocurrencies through a public key.

It supports Bitcoin, Ethereum, Monero, Dogecoin, Ripple and others.

After its marketing campaign, many users have complained that they did not receive their Cryptolite. Some of these complaints are found on YouTube. Yet others received theirs. The blog post referencing how to use the wallet’s cryptocurrency wallets is no longer available but is referenced on a reddit post.

marshharshall
Posted on February 10, 2018
The wallet is embedded with an NFC chip that allows you to share your public key so you can receive currencies and/or store your private key. It essentially acts like a paper wallet but made from heavy duty materials and instead of being printed, its stored on the NFC chip (so nobody can peak at your address). Also, the benefit from having this wallet instead of a paper wallet is the chips are rewritable. We will be releasing some instructional videos in the next couple days. In the meantime, please let me know if you have any other questions!

Analysis

This product is clearly discontinued. From the pictures, we can see that the card does not have a display or buttons for users to interface with.

(dg)

Verdict Explained

The design of the device does not allow to verify what is being signed!

As part of our Methodology, we ask:

Bad Interface!

Can the user verify and approve transactions on the device?

If the answer is "no", we mark it as "Bad Interface".

These are devices that might generate secure private key material, outside the reach of the provider but that do not have the means to let the user verify transactions on the device itself. This verdict includes screen-less smart cards or USB-dongles.

The wallet lacks either an output device such as a screen, an input device such as touch or physical buttons or both. In consequence, crucial elements of approving transactions is being delegated to other hardware such as a general purpose PC or phone which defeats the purpose of a hardware wallet.

Another consquence of a missing screen is that the user is faced with the dilemma of either not making a backup or having to pass the backup through an insecure device for display or storage.

The software of the device might be perfect but this device cannot be recommended due to this fundamental flaw.

But we also ask:

Defunct!

Is the product still supported by the still existing provider?

If the answer is "no", we mark it as "Not functioning anymore".

Discontinued products or worse, products of providers that are not active anymore, are problematic, especially if they were not formerly reproducible and well audited to be self-custodial following open standards. If the provider hasn’t answered inquiries for a year but their server is still running or similar circumstances might get this verdict, too.