Best Wallet Crypto: Investigating Its Registration, Location, and Corporate Structure

Best Wallet Crypto launched in August 2024 with a unique concept: a cryptocurrency wallet that integrates seamlessly with crypto presales, allowing users to participate directly in digital token offerings from within the wallet.

About a month ago, we reviewed the Best Wallet presale where crypto presale investors can participate in the $BEST token offering on a crypto launchpad hosted on the Best Wallet website. The most concerning red flag we found was the lack of transparency, which is crucial for any publicly available Decentralized Finance (DeFi) product. Since then, we’ve been conducting further research on Best Wallet, to bring more transparency to the crypto space.

This is the first of several articles where we’ll break down our findings. In this article, we’ll examine Best Wallet’s company registration and operational location, and why we think it may be structured as a shell company. All of this research is based on publicly available data. While some of the facts we uncovered don’t provide a definite conclusion, what matters most is making this information accessible and transparent so users can judge for themselves.

Where Is Best Wallet Crypto Registered? Investigating Its Official Business Address

One of the best ways to determine where a company operates is by checking its terms and conditions. In Best Wallet Crypto’s case, the terms revealed that the DeFi project company is officially registered in Bulgaria. However, we suspected there might be more to the story.

Best Wallet Crypto states in its Terms & Conditions that the company is based in Bulgaria. Source: Best Wallet website

Best Wallet Crypto is a secure multi-chain wallet available for both Apple and Android devices, allowing users to interact with blockchain transactions across different networks. Initially, nothing unusual stood out when checking the wallet’s page on these App Stores. The standard app information appeared alongside the company name, Best Web3 EOOD. However, upon further investigation, we found that the Bulgarian version of the Apple App Store page contained additional details missing from other versions.

This led us to uncover the company DUNS number (848953487), a unique identifier assigned by Dun & Bradstreet (D&B) to businesses worldwide for verification purposes, along with an official company address and phone number:

9 Tsarigradsko Shose, Sofia, Bulgaria
+44 7944989304

The Bulgarian version of the Apple App Store listing for Best Wallet Crypto reveals additional company details. Source: https://apps.apple.com/bg/app/best-wallet-bitcoin-crypto/id6451312105

We turned to Dun & Bradstreet, a global business directory, to check the company using its DUNS number. Most of the details matched what we had already found—except for one key piece: the Key Principal listed for Best Wallet is Tihomir Todorov.

Dun & Bradstreet business registry listing for Best Wallet Crypto, showing Tihomir Todorov as the key principal of Best Web3 EOOD. Source: https://www.dnb.com/business-directory/company-profiles.best_web3_eood.b1a4d593d27a5195cf2da8eebb754747.html

Who Controls Best Wallet Crypto? Looking Into Best Web3 EOOD’s Key Principal

A quick search on Tihomir Todorov revealed that he is a lawyer based in Bulgaria. His expertise lies in the intersection of law, regulation, business, and blockchain. He appears to be missing entrepreneurship or developer skills in cryptocurrency projects—which raises questions about his role in a company developing a major cryptocurrency wallet.

The listed company address we found earlier for Best Web3 EOOD —9 Tsarigradsko Shose, Sofia, Bulgaria—appears to be associated with Nikolaev and Partners Law Firm. While Todorov is not officially listed as part of the firm, we found documents that connect him to the firm’s lawyers. In particular, his name, photo, and professional background appear on a legal paper published by the firm, which uses the same address as Best Wallet Crypto.

An article connecting Best Wallet EOOD Bulgarian address to a local law firm. Source: https://npla.bg/wp-content/uploads/2023/11/GLI-BLCH23_Chapter-26-Bulgaria.pdf

Why Is Best Wallet Crypto Registered at a Shared Address With Multiple Companies?

When we searched for other businesses registered at 9 Tsarigradsko Shose, we found several companies linked to this address. Some were local Bulgarian businesses, while others were foreign companies.

This didn't make sense to us. Best Wallet is a DeFi company managing a cryptocurrency wallet with hundreds of thousands of downloads, potentially handling millions of dollars in monthly transaction volume. Yet, it shares an office address with multiple unrelated businesses and lists a local lawyer as its key principal.

For a company operating at this scale, one would expect a dedicated corporate office, not a shared address with multiple entities.

The UK Phone Number Listed for Best Wallet Crypto: What Does It Reveal?

Another puzzle piece emerged: the UK phone number listed on Best Wallet’s Apple App Store page. Over the past few weeks, we attempted to call this number several times, but it was never active. While we do not know who owns it, this could suggest that Best Wallet used a UK-based number to register its app, potentially reflecting its actual place of operation. While there could be multiple explanations, this strengthens the possibility that Best Wallet is operating from the UK.

This aligns with a pattern we’ve seen before. Many crypto projects featured within the Best Wallet app, including past ones like Pepe Unchained, are also associated with companies that keep their operational locations unclear.

Is Best Wallet Crypto a Bulgarian Shell Company With UK Operations?

Registering a company in the United Kingdom generally requires more transparency, revealing the people behind it. Best Wallet, however, has chosen not to disclose its founding members or development team.

Given that:

• Many of the crypto presales Best Wallet promotes are anonymous,
• Other companies in the crypto presale industry follow similar practices,
• Its official Bulgarian company registration is tied to a local lawyer,
• Multiple unrelated businesses share the same Bulgarian address,
• A UK phone number was originally provided but remains inactive,

We believe there is a strong possibility that Best Wallet is structured as a shell company obscuring the true individuals behind it.

Of course, we cannot be certain. The available information aligns with a pattern we have covered before, suggesting the UK is a base for the crypto presales industry. However, without further verification, this remains circumstantial.

Should Users Trust Best Wallet Crypto? Transparency Concerns for Crypto Investors

At the end of the day, the real question is whether Best Wallet users feel comfortable entrusting their funds to a project whose operating structure remains unclear.

A non-custodial crypto wallet should prioritize blockchain security and regulatory compliance, yet Best Wallet’s opaque corporate structure and anonymous leadership raise concerns. Can users trust a DeFi company to manage their funds, if the people behind it deliberately conceal their identities, without clear KYC verification or a smart contract audit?

For now, transparency remains the key issue—and Best Wallet has yet to provide it.