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BULL WALLET

Latest release: 1.24 ( 16th October 2021 ) 🔍 Last analysed 1st October 2021 . No source for current release found
5 ★★★★★
16 ratings
23rd June 2021

Jump to verdict 

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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.

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The Analysis 

(Analysis from Android review)

Official Website

In the Privacy Policy Bull Finance claims to be decentralized:

Bull Finance is an open and decentralized financial ecological network. Bull Finance combines Polkadot’s cross-chain collaboration technology and the Substrate modular development framework to provide one-click development solutions for participants in the open financial ecological network and provide the underlying protocol standards for the open financial ecological network.

In the Help Center, Bull Finance claims that it does not store the private key:

You are solely responsible for the storage of the mnemonic phrase. Without it, you will not be able to access your wallet. BullWallet will not store your mnemonic phrase/private key, and we will not collect any personal information.

We do not have access to the app’s source code. While BullWallet has provided a link to its Github profile, none of the repositories actually link to source code for this app.

App

Upon installing the app, we were given the option to create a wallet or import a wallet. We tried importing a BTC wallet by entering the 12-word mnemonic provided in another BTC wallet we created. We were able to successfully import the wallet. We can send and receive Bitcoin from the app. It also has the ability to export either the mnemonic or the private key.

Verdict

Despite its provision of a Github repository, we were not able to find the source for the actual wallet. The app was last updated, as of this writing, on August 23, 2021. This was fairly recent. Therefore we are compelled to give a verdict of no source.

(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.