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wallet.io

Latest release: 1.14.1 ( 19th November 2021 ) 🔍 Last analysed 19th October 2021 . No source for current release found
3.6 ★★★★★
18 ratings
8th October 2019

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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 

(Analysis from Android review)

Update 2022-02-18: This app is not on the Store anymore.

Note: There is a Pro version for wallet.io

wallet.io Pro—Multisig Wallet (BTC, ETH, EOS…) No Source! Defunct!

App Description

All coins in one wallet

  • Support hundreds of mainstream coins. Manage all your coin portfolios in one wallet.
  • Secure and easy to use
  • Added protection with 2FA, as secure as using a bank.
  • Data synchronization
  • Use wallet.io wallet any device where data syncs across automatically
  • Open source
  • Open-source web and app transparent and safe

The Site

FAQ:

Do I need to back up my private key?

In wallet.io, users do not need to back up their private keys. wallet.io uses a more balanced security strategy. The Private key is stored on the platform with high-intensity encryption, and neither user nor platform can obtain private key separately. The private key is stored by multiple encryption using the user’s withdrawal password. The platform can not get the private key, and the private key is controlled by the user. The private key will be encrypted when the user transfers money, and will be deleted when it is used up.

The App

We downloaded and installed the app. Registration requires an email address and a password.

After registration, we are given the option to Create a Wallet or Import.

Create a Wallet

  • Institutional-grade security
  • The private key is used at the moment of transfer upon user authorization and burned immediately
  • All assets are viewable on blockchains. Assets in one user account is separated from other users and will not be affected by others
  • With your private key high-strength encrypted, Wallet.io can never decrypt your private key and can never operate with your asset without your authorization

We then created a wallet password.

Download Keycard

Keycard is the security backup file of wallet.io, you can recover your wallet password with it. Please keept it safely and don’t store it on the Internet. You may print it and store safely in a safe, and destroy the original PDF file after that. Wallet.io will help you download keycard when creating wallet. Next time you need the initial wallet passwword to download the keycard. Make sure you have saved the keycard safely before changing wallet password.

It consists of a QR code and a downloadable file, which you can choose: PDF or Zip. The file can be password protected with a 4-digit pin.

Note that 4-digit pins are NOT a secure solution if the pin is still stored on their servers.

Verdict

This app is self-custodial, but the source code is 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.