A Crypto Wallet Service Reveals Exploit that Compromised User Security
A crypto wallet service called Klever has recently announced that several users have been affected by an exploit caused by low entropy mnemonic. This exploit was discovered when users noticed suspicious activity in their wallets.
Key Points:
- The algorithm called Random Generation, used by Bip39 implementation, had a flaw that compromised the security of generated keys.
- Affected wallets were imported into Klever Wallet K5, which revealed that they were originally created using an outdated and ineffective pseudorandom number generator (PRNG) method.
- Early versions of various crypto wallet providers used this algorithm, making the generated keys more vulnerable to attacks.
- Klever’s platform implements robust security measures to ensure the security and unpredictability of generated keys.
- The incident is similar to one reported by TrustWallet explorer extension earlier in April.
Klever advises users with old wallets to promptly switch to new ones created on Klever Wallet K5 or Klever Safe. They also mention that the suspicious activity is not exclusive to Klever and may affect users of multiple wallet providers.
Hot Take:
This incident serves as a reminder of the importance of using secure and up-to-date wallet services. It highlights the potential risks associated with outdated algorithms and emphasizes the need for users to stay vigilant in protecting their crypto assets. If you are a crypto reader, make sure to regularly check for any updates or security advisories from your wallet provider to ensure the safety of your funds.
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