- The Binance Trust Wallet app is being investigated for potential vulnerabilities.
- Trust Wallet has issued a statement addressing the reports.
- The wallet provider refuted reports of association with a hack in the past year.
Security has become a watchword of the crypto industry, occupying the top position on the priority list in ensuring the protection of users’ assets against scams and hacks. However, the evolving tactics of malicious actors means these protection measures often get put to rigorous trials, highlighting the need for caution and bolstered techniques to combat threats.
Against this backdrop, the Binance-affiliated Trust Wallet has come under investigation for vulnerabilities associated with its application.
Binance Trust Wallet Threat Prone?
According to the National Institute of Standards and Technology (NIST), a security vulnerability has been flagged on the Binance Trust wallet application for iOS.
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The database did not highlight the type or extent of the vulnerability, stating that it is currently undergoing analysis for enumeration. However, if exploited, the vulnerability could result in significant financial damage for users, by providing thereat actors unauthorized access to users’ wallets.
NIST stated that the vulnerability functions by allowing attackers to generate mnemonics for timestamps within a certain timeframe, and linking them to specific wallet addresses to siphon associated funds.
The conclusion of the ongoing investigation will unveil the severity of Trust Wallet’s vulnerability on a scale of 0 to 10, to unveil the level of threat it poses.
In response to the reports, Trust Wallet has issued a statement.
Trust Wallet’s Response
In a statement shared with DailyCoin on February 15, Trust Wallet emphasized that the ongoing investigation by the NIST is connected to a historical vulnerability that existed in the open-source Trust Wallet iOS app between March to July 2018.
"Though there was a previous vulnerability in our open-source code in early 2018 affecting a few thousand users only, the vulnerability was quickly patched with the support of the security community—and affected users were notified and migrated into safe wallets."
Trust Wallet emphasized that the firm itself is not under investigation by NIST or the United States government and asserted the safety of users assets.
Emphasizing that the vulnerability has long been resolved, the firm added that the iOS downloads are no longer affected. Furthermore, it debunked the reports of its wallet as the origin of a July 2023 exploit, asserting that the firm was not exploited, and the 2018 vulnerability had no connection to the $4million loss.
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