No open source = Scam
Never trust
I prefer to not accuse people without proof and I don't think they would get donations If they make it open source, do you? the development for such a wallet require too much effort and resources and without a source of income (the exchanges fees from ShapeShift) they can't keep up.
A closed or open source project has its own advantage and disadvantage. if the project goes open source I'm sure a lot of people will contribute to the development and I'm sure that could help accelerate the development.