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Cypherock X1 is a hardware wallet with four backup cards using Shamir Secret Sharing. Interesting concept, but lack of build quality, no mobile app and not being able to send crypto off are just a few issues holding this device back. Would not recommend until improvements are made in future versions.
- Unboxing
- Cypherock X1 Vault: Is That A Joystick?
- An Simple Setup Using Cypherock X1
- CySync App: Disappointing Wallet Experience
- Decent Token Support on Cypherock
- Cypherock Security: No Hacks, Early Days
- Cypherock X1 Reputation & Reviews
- Cypherock X1 Vs. Other Crypto Wallets
- Final Thoughts: Not A Fan Of This Cold Wallet
What‘s Inside The Box?
Cypherock X1 Vault: Is That A Joystick?
Taking a look at the X1 cold wallet, we almost thought this was a Nintendo switch joycon.
It’s manufactured in India, and the entire device is made of a soft plastic material.
On the front is a 1” OLED screen for displaying and confirming transactions. Perhaps a bit too small to read clearly.
Taking a different approach, Cypherock installed a joystick to navigate around on the wallet.
Looking closely at the bottom, there’s a USB C port. Do note the X1 device must be plugged in to use, meaning there’s no bluetooth or Wi-Fi connection.
The backup cards are also made of plastic, and are so thin in fact that this might cause problems later.
These function the same way as Tangem cards, using NFC to generate a wallet backups.
An Simple Setup Using Cypherock X1
As per usual, we downloaded the Cypherock app and got ready for a normal setup.
But after double checking, the app stated we can only set up on desktop.
Strange.
Looking into the docs, the X1 is only compatible with Mac, Windows and Linux, with a mobile app supposedly in the works.
Choose first time setup, enter a password, and connect the X1 device.
Once authenticity is confirmed, we then need to toggle the joystick in all directions. Then push it in to confirm.
Scan a card to test.
Instead of generating a seed phrase, scan all 4 cards 3 times each to create backups for the wallet.
Now on the X1 vault device, click ‘generate new wallet’.
Enter a name, set a pin and tap all four cards again.
It’s also possible to view the seed phrase any time inside the X1 Vault itself, but for some reason it’s never shown during setup.
CySync App: Disappointing Wallet Experience
Cypherock CySync app has a standard layout typical of most crypto wallets.
Firstly, view your assets in the portfolio tab.
It took us a while to find out how to add new tokens, but to do this, click wallets, wallet name, and add token.
To receive crypto, click the receive tab, select the account and token, and copy the receiving address. Once sent, crypto should then appear in the account.
As for sending, oh dear…
The app didn’t allow me to send at all, which is a rare occurrence when testing wallets. Each time a ‘Your X1 is facing communication issues’ error appeared.
After trying multiple times, even after restarting the app and device, nothing worked. Guess its time to HODL.
Also inside the app, we can buy and swap crypto, as well as receive kickbacks for referring friends.
The history tab records our transaction data.
And for DeFi, connect to Dapps through WalletConnect.
Cypherock also has something called ‘Cover’, where you pay a yearly fee to the company to store your PIN phrase. It states the service is non KYC but requires email for some reason.
We’re personally hesitant of these services, but check it out if interested.
And here’s what the mobile version looks like. It seems to be view only, as there’s no option to send transactions through mobile.
Decent Token Support on Cypherock
According to their website, Cypherock supports over 9,000 compatible coins and tokens, which is about average.
The wallet brand doesn’t have any native support for NFTs, and is only available through Walletconnect. If you want to store NFTs, I’d suggest a different cold wallet.
Cypherock Security: No Hacks, Early Days
The Cypherock X1 Vault device functions by containing two parts: a microcontroller and a secure element chip.
An MCU chip acts as the master controller of the device, while the secure element chip is used to authenticate the device and secure private keys.
It’s important to note that the chip used in the X1 Vault doesn’t have an EAL 6+ certification.
But do be aware that every X1 card has an EAL 6+ chip and NFC, and these cards communicate with the X1 vault device using end to end encryption.
Do note that the cards firmware is not upgradable, intending to stop malicious actors.
When we tap the 4 cards, private keys are cryptographically split into 5 parts, creating a 2 of 5 backup system.
This means a user only needs the X1 Vault and 1 of 4 cards to restore their crypto.
A claim that needs to be discussed on Cypherock’s website is that the cards can store data for 20 years.
This is great in theory, don’t get me wrong, but be aware that screened hardware wallets only have a shelf life between 3-5 years.
In Q3 2023, Cypherock X1 was 3rd party audited by KeyLabs.
All severity scores were low. But interestingly enough, KeyLabs recommended Cypherock to use a newer version of the non EAL certified ATECC608A secure element chip.
Read more about the audit here.
Most of Cypherock is open sourced, including their firmware and app. This includes 100% of the X1 Vault device, since it doesn’t use an EAL certified chip.
All info is publicly available on their Github.
But as for the cards, since these use EAL certified 6+ secure element chips, the company signed an NDA agreement with chip manufacturer NXP, and is not open sourced.
Cypherock X1 Reputation & Reviews
Cypherock was founded in 2019 in New Dheli, India. The X1 Vault is the company’s first hardware wallet, launched in 2023.
Up to this point, Cypherock has a 3.9 out of 5 rating on Trustpilot with 37 reviews.
In terms of reviews, the hardware wallet brand holds a 6.8 out of 10 on bitdegree.org, a 9.4 out of 10 on 99Bitcoins.com and a 3.9 out of 5 on Amazon.com.
Here’s what users are saying about the Cypherock X1:
To get a true notion of Cypherocks’s reputation, consult their socials, metrics and read what other users are saying.
If you want to reach customer support, this can be done through the web app. There’s also a chat box on their website. But its hard buggy and hard to use.
Cypherock X1 Vs. Other Crypto Wallets
How does the Cypherock X1 ($149) differ from other popular hardware wallets we tested?
Tangem
- Tangem card ($70): NFC backups, mobile app, no screen device, less secure, no seed phrase option
- Tangem ring ($160): same as Tangem card
CoolWallet
- CoolWallet Go ($69): same as Tangem
- CoolWallet Pro ($149): weak battery, small screen, clunky, slow, better app, uses seed phrase
Ledger
- Ledger S Plus ($59): 2 buttons, better app and build quality, uses seed phrase with Ledger Recovery Key
- Ledger X ($149): battery powered, bluetooth or USB-C connection, better and build quality, uses seed phrase
- Ledger Flex ($249): bluetooth or USB C, larger screen, additional features, better app and build quality, uses seed phrase
- Ledger Stax ($399): essentially same as Flex, but with a curved screen and label binding, uses seed phrase
Trezor
- Trezor Safe 3 ($79): USB-C only, 2 buttons, less token support, better build quality and app
Safepal
- Safepal S1 ($50): QR code scanning, offline, better app, similar build quality
Secux
- Secux Neo X ($179): USB C or bluetooth, bulky, similar build quality and app
Final Thoughts: Not A Fan Of This Cold Wallet
The Cypherock X1 takes a creative approach towards cold wallets. The company’s valiant attempts toward removing seed phrases is an ambitious one.
It’s great to see an relatively easy setup and basic app which helps users manage their crypto assets.
But there are many, many caveats we need to discuss here:
1. For a $150 device, the plastic material and screen feel low quality, but X1 Vault didn’t break when twisted and bent.
As for the cards, they’re so thin that we could effortlessly fold them in half like paper. That doesn’t look so good for 20 years of longevity
2. As for the joystick, it just doesn’t feel seamless on such a small device.
3. Now most importantly, there’s no real mobile app. It would be probable to assume that most users want to store crypto using their phones.
4. Maybe it was just my specific device, but the fact I wasn’t able to send my crypto off is a bit worrying.
5. The 2 of 5 Shamir card system seems a bit risky.
By removing the seed phrase, we’re only creating a new similarly complicated problem.
At least with a seed phrase we can engrave it in metal, keep it safe from the elements and know that we control our own destinies.
6. We just can’t get past the fact that the brand chose not to put an EAL 6+ secure element chip in their main X1 Vault device.
Add the statement from auditing firm KeyLabs asking for Cypherock to also improve the chip’s security gives more questions than answers.
So should you buy the Cypherock X1?
Due to all the reasons above, this cold wallet is not for us.
But we can see how you might decide to buy a Cypherock X1 if seed phrases really aren’t your thing. Just be very careful with the cards, as long term longevity of them is uncertain.
If you want to grab one, check the link below.
For more in-depth breakdowns like Cypherock X1, explore other crypto reviews on the site.
Thanks for reading and catch you in the next post!
What the difference between Cypherock and other card brands such as Tangem?
The biggest difference is that Cyphoerck X1 contains 4 backu cards AND a screened device, technically making it safer. Screeened devices allow users to confirm the amount and wallet address match on both screens.
Tangem on the other hand only uses cards and an app, but has no screened device. They include 3 cards and are way easier to set up and use. Tangem also generates it’s seed phrase in an online app, which is a big security no no.
Is Cypherock open source?
Cypherock is mostly open source other than the cards, which contain EAL 6+ secure element chips that require an NDA agreement with the chip supplier.
Is Cypherock X1 compatible on all devices?
Cypherock X1 is only compatabile with Windows, Linux and Mac. There is an mobile ‘app’ with view only features, but you can’t do much on it.
What if I lose my Cypherock X1 device?
Cypherock X1 has 4 cards for a reason. If you lose one of them, you can use the other three to recover your crypto.
But if you lose the screened Cypherock Vault device, you have to buy another one to recover your account.
It’s better to just write down and store the seed phrase in case this happens.
What is the expiry or shelf life of Cypherock X1?
Cypherock claims 20 years of longevity, but this just isn’t true.
Screened devices such as the Cypherock Vault have a shelf life between 3 to 5 years before the battery or screen dies.
Maybe, just maybe the cards could last 20 years, but seeing how weak and low quality they are, that would be a miracle.
Is Cypherock X1 safe and secure?
Cypherock is a new company, so we should be very hesitant using their products until more audits and users use the device.
It’s not often I can’t send crypto off a hardware wallet, so is there any point keeping your crypto on it if you can’t actually withdraw it?
The four card backup system is cool, but the fact there is not an EAL 6+ secure element in the main screened device makes me worry their security is not up to industry standards.