Title: NIST Investigates Critical Vulnerability in Binance Trust Wallet iOS Version
Concerns over the security of cryptocurrency assets have prompted the National Institute of Standards and Technology (NIST) to launch an extensive investigation into a critical vulnerability discovered in the iOS version of the Binance Trust Wallet. The focus of the inquiry revolves around the improper use of the trezor-crypto library, which is responsible for generating mnemonic words crucial for securing users’ cryptocurrency funds.
Over 6,500 Wallet Mnemonics at Risk
An independent investigation conducted by Milk Sad has revealed alarming risks associated with the security concerns. More than 6,500 wallet mnemonics have been identified as potentially vulnerable due to insecure functions within the trezor-crypto library. This flaw is directly linked to previous instances of cryptocurrency theft, highlighting its seriousness.
The CVE database, supported by the US Department of Homeland Security, has also initiated an inquiry into the Trust Wallet through Secbit Labs. The investigation has uncovered a vulnerability in the iOS version of Trust Wallet dating back to 2018, which is connected to significant thefts recorded on July 12, 2023.
“An attacker can systematically generate mnemonics for each timestamp within an applicable timeframe and link them to specific wallet addresses to steal funds from those wallets,” NIST stated.
In unrelated news, Binance founder Changpeng Zhao’s sentencing, originally scheduled for Feb. 23, has been postponed to April 30 without any reasons disclosed. Zhao’s legal representatives have refrained from commenting on this delay.
Trust Wallet Issues: Vulnerability And User Data Woes Plague Binance
The Trust Wallet vulnerability is just one of the many challenges currently faced by Binance. There are rumors of a potential system leak and allegations regarding the availability of Binance user data on GitHub. However, Binance has denied any breaches, assuring its community about the safety and integrity of its accounts.
NIST’s ongoing investigation will assign a base severity score, ranging from 0 to 10, to reflect the potential risk posed by the identified vulnerability and provide guidance on the seriousness of the security concern.
As these investigations continue and challenges persist, it is crucial for users to remain vigilant. Stay informed about the evolving situation, follow guidance from relevant authorities and security experts, and implement recommended security measures to safeguard cryptocurrency assets in this dynamic landscape.
Featured image from Freepik, chart from TradingView
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