NIST Probes Critical Security Breach In Binance Trust Wallet iOS App

As apprehensions regarding the safety of cryptocurrency assets grow, the National Institute of Standards and Technology (NIST) has launched a meticulous investigation into a severe vulnerability detected within the iOS version of the Binance Trust Wallet.

This inquiry unveils the misapplication of the trezor-crypto library, a fundamental element responsible for generating mnemonic phrases used for securing users’ cryptocurrency holdings.

The probe has uncovered unsettling risks, with independent researcher Milk Sad revealing that over 6,500 wallet mnemonics could be compromised due to vulnerabilities within the trezor-crypto library. These findings underscore the gravity of the identified flaw, directly tying it to previous instances of cryptocurrency theft.

Simultaneously, the CVE database, overseen by the US Department of Homeland Security, has initiated its own examination through Secbit Labs. This inquiry traces a vulnerability in the iOS version of the Trust Wallet back to 2018, with a direct link 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.”

According to NIST

NEW: Former #Binance CEO, CZ Money Laundering Sentencing postponed till April.

— Coinwaft (@coinwaft) February 14, 2024

In a separate development, the sentencing of Binance’s founder, Changpeng Zhao, originally scheduled for February 23, has been postponed to April 30, with reasons for the delay undisclosed. Zhao’s legal team has refrained from commenting on the matter.

Read Also: Blockchain Security Firm CertiK Warns OKX IOS Users to Update After Flagging Vulnerability

Binance Trust Wallet Vulnerability Challenges

The Trust Wallet vulnerability represents just one facet of the myriad challenges confronting Binance. Speculation has arisen regarding a potential system breach and allegations concerning the exposure of Binance user data on GitHub.

Despite these rumors, Binance has adamantly denied any breaches, reassuring its community about the integrity and security of its accounts.

NIST’s ongoing investigation is poised to culminate in the assignment of a base severity score, crucial in gauging the potential risk posed by the identified vulnerability and offering insights into the seriousness of the security issue.

Amidst ongoing investigations and persisting challenges, users are urged to maintain heightened vigilance.

Remaining informed about developments, heeding guidance from relevant authorities and security experts, and implementing recommended security measures are imperative steps in safeguarding cryptocurrency assets within an ever-evolving landscape.

Related Reads: Former Binance Founder And CEO CZ’s Sentencing Postponed to April