Draft:Cake Wallet

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• • Cake Wallet** is an open-source, non-custodial cryptocurrency wallet application initially designed for the Monero cryptocurrency (Bahamazava & Reznik, 2022). First launched in 2018 as a Monero-exclusive wallet, the application has since expanded to support additional digital assets and mobile operating systems (Bahamazava & Reznik, 2022). The wallet is noted for its focus on privacy, anonymity, and self-custody of cryptographic keys.

1. 1. 1. History

Cake Wallet was originally created in 2018 to serve as an open-source Monero wallet (Bahamazava & Reznik, 2022). Because of its open-source architecture, developers and users are able to change the application's code according to their own personal functional or security needs (Bahamazava & Reznik, 2022). As the market capitalization and adoption of cryptocurrencies expanded, Cake Wallet transitioned from a Monero-only application into a multi-currency platform.

1. 1. 1. Features and Technology

Cake Wallet operates as a non-custodial platform, meaning that the service provider does not hold the user's funds or private keys; instead, users maintain complete control over their digital assets (Bahamazava & Reznik, 2022). Key features include:

* **Multi-Currency Support:** While originally designed for Monero, the wallet now supports multiple prominent cryptocurrencies, allowing users to manage diverse portfolios in a single application (Bahamazava & Reznik, 2022).
* **In-Wallet Exchanges:** A defining feature of Cake Wallet is its built-in decentralized exchange capability. Users can trade different cryptocurrencies directly within the application without needing to transfer funds to a centralized exchange, a mechanism that can effectively hide the origin of funds (Bahamazava & Reznik, 2022).
* **Open-Source Code:** The application's source code is publicly accessible, giving users the transparency and freedom to alter the software as needed (Bahamazava & Reznik, 2022).
* **Mobile Architecture:** The wallet is built primarily for mobile operating systems, including Android and iOS, reflecting a broader trend of integrating Web3 applications and non-fungible tokens (NFTs) into mobile environments (Mirza et al., 2022).

1. 1. 1. Privacy and Regulatory Context

Cake Wallet is heavily utilized by advocates of privacy coins, which are digital currencies like Monero that use advanced cryptographic techniques—such as ring signatures and stealth addresses—to obfuscate transaction details and user identities (Hammad & Victor, 2024). Because Cake Wallet is a decentralized, non-custodial application, it operates differently under financial regulations compared to traditional centralized exchanges. In many jurisdictions, including Italy and the Russian Federation, non-custodial wallets and decentralized in-wallet exchanges do not fall under standard Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Customer Due Diligence (CDD) compliance requirements (Bahamazava & Reznik, 2022). Consequently, while centralized custodial platforms must enforce strict identity verification, Cake Wallet allows users to operate without standard KYC (Know Your Customer) protocols, explaining its high popularity among individuals prioritizing financial privacy (Bahamazava & Reznik, 2022). However, the intersection of privacy technologies and cryptocurrency has also led to increased scrutiny. The tools that protect user privacy can simultaneously present challenges for cyber forensic investigations and regulatory oversight, as tracking the flow of funds through non-custodial mobile Web3 wallets is a complex technical challenge for authorities (Mirza et al., 2022).

1. 1. 1. Supported Cryptocurrencies

Though initially launched specifically to interface with the Monero network, the wallet subsequently added support for other major cryptocurrencies (Bahamazava & Reznik, 2022). While Monero remains a focal point due to its default privacy-enhancing features (Hammad & Victor, 2024), the expansion allows the wallet to serve a broader base of decentralized finance users.

Bahamazava, K., & Reznik, S. (2022). The comparative analysis of regulations in the Italian Republic and the Russian Federation against cryptolaundering techniques. *Journal of Money Laundering Control*, *26*(4), 787-805. https://doi.org/10.1108/jmlc-01-2022-0016 Cited by: 8 Hammad, N., & Victor, F. (2024). Monero Traceability Heuristics: Wallet Application Bugs and the Mordinal-P2Pool Perspective. *2024 IEEE International Conference on Blockchain and Cryptocurrency (ICBC)*, 540-548. https://doi.org/10.1109/icbc59979.2024.10634447 Cited by: 5 Mirza, M. M., Ozer, A., & Karabiyik, U. (2022). Mobile Cyber Forensic Investigations of Web3 Wallets on Android and iOS. *Applied Sciences*, *12*(21), 11180. https://doi.org/10.3390/app122111180 Cited by: 41