U.S. Cyber Authorities Investigate ‘Binance Trust Wallet’ iOS App for Vulnerabilities

The world of cryptocurrency has been growing rapidly in recent years, with more and more people investing in digital assets. However, with this growth comes the risk of cyber attacks and vulnerabilities in the technology that supports these assets. In a recent article, it was reported that U.S. cyber authorities are investigating a possible vulnerability in the Binance Trust Wallet iOS app. This vulnerability could potentially allow attackers to steal money from users by guessing security words known as mnemonics. In this post, we will take a closer look at this vulnerability and its potential impact on the cryptocurrency market.

According to the National Institute of Standards and Technology (NIST), a U.S. agency that sets best practices and standards for technology and cyber security, a potential vulnerability for the iOS version of “Binance Trust Wallet” has been listed in the CVE database. This database lists serious issues that could have, or have already, caused material damage or losses. The vulnerability was added to the database on Feb. 8 and is currently being investigated by NIST to determine its real-world severity.

The CVE database entry states that the vulnerability has already been exploited in the wild. In July 2023, attackers were able to guess security words and steal money from digital wallets due to the way the app used the trezor-crypto library. This library is used for secure communication between the app and the wallet. NIST explains that an attacker can systematically generate mnemonics for each timestamp within an applicable timeframe and link them to specific wallet addresses in order to steal funds from those wallets.

This is not the first time that Trust Wallet has suffered from cyber incidents. In 2023, the wallet experienced multiple attacks, resulting in over $4 million in losses. Trust Wallet was acquired by Binance in 2018, but Binance has since released its own Web3 wallet. In response to the vulnerability, a Binance spokesperson stated that Trust Wallet is now a separate legal entity and operates independently from Binance.com. However, Trust Wallet’s X (formerly Twitter) profile has not posted about the vulnerability.

In conclusion, the potential vulnerability in the Binance Trust Wallet iOS app is a cause for concern for cryptocurrency investors. The fact that it has already been exploited in the wild and has caused significant losses in the past is alarming. This news may have a bearish effect on the underlying assets, as it highlights the risks and vulnerabilities associated with cryptocurrency investments. It is important for investors to stay informed and take necessary precautions to protect their digital assets. 

Source:

– CoinDesk. Read More