March 27, 2024
US Cyber Authorities Probe 'Binance Trust Wallet' iOS
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US Cyber Authorities Probe ‘Binance Trust Wallet’ iOS

The National Institute of Standards and Technology (NIST) has identified a potential vulnerability in the iOS version of “Binance Trust Wallet.” NIST, a U.S. agency specializing in setting technology and cybersecurity standards, listed the vulnerability in the Common Vulnerabilities and Exposures (CVE) database on Feb. 8. The CVE database highlights significant issues that may cause or have caused material damage or losses.

This particular vulnerability is currently under investigation by NIST to assess its real-world severity. According to the database entry, the flaw has been exploited in the wild, with attackers successfully guessing security words in July 2023. This exploitation resulted in the theft of funds from digital wallets due to the implementation of the trezor-crypto library.

NIST’s update explains, “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.”

Trust Wallet faced multiple cyber incidents in 2023, leading to losses exceeding $4 million. Acquired by Binance in 2018, Trust Wallet is now a separate legal entity operating independently from Binance.com. Despite these developments, Trust Wallet’s X (formerly Twitter) profile has not addressed the identified vulnerability.

It’s noteworthy that Binance has introduced its own Web3 wallet since acquiring Trust Wallet, emphasizing the latter’s status as a distinct entity within the Binance group.

Image by Satheesh Sankaran from Pixabay

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