Over 15 widely-used crypto wallet providers and projects have gaping vulnerabilities that could potentially see millions of crypto wallets drained, according to digital asset infrastructure firm Fireblocks.<\/p>\n
In an Aug. 9 press release, Fireblocks said the series of vulnerabilities, dubbed BitForge, are affecting wallets using multi-party computation (MPC) technology, which allows for multiple parties to control and manage cryptocurrency holdings.<\/p>\n
The identified issues were disclosed as \u201czero day\u201d vulnerabilities \u2014 meaning that the flaws had not previously been identified by the projects. <\/p>\n
\u201cIf left unremediated, the exposures would allow attackers and malicious insiders to drain funds from the wallets of millions of retail and institutional customers in seconds, with no knowledge to the user or vendor.\u201d<\/p><\/blockquote>\n
The firm disclosed that the BitForge vulnerabilities affected many of the top wallet providers, including Coinbase, Zengo and Binance. Following an industry-standard \u201c90 day disclosure period\u201d from Fireblocks, the three firms have since resolved the identified issues. <\/p>\n
In a statement, Coinbase chief information security officer Jeff Lunglhofer thanked Fireblocks for identifying and responsibly disclosing the issue, adding that Coinbase customers and funds were never at risk. Zengo CTO Tal Be’ery noted that the issue was promptly fixed and no user funds were affected.<\/p>\n
Fireblocks said it has worked to identify other firms that may be implicated in similar security concerns and have reached out to them. <\/p>\n
MPC wallets encrypt a user\u2019s private key and share it between several parties \u2014 typically comprised of the wallet owner, a wallet provider, and another third party. Theoretically, no one of these entities should be able to unlock the wallet without first communicating with the others. <\/p>\n
Related: <\/em><\/strong>Tel Aviv Stock Exchange to offer crypto services via Fireblocks pact<\/em><\/strong><\/p>\nHowever, according to Fireblocks\u2019 technical reports on the BitForge vulnerabilities, the vulnerabilities would have allowed hackers to \u201cextract the full private key if they were able to compromise only one device.\u201d<\/p>\n
\u201cWhile we are encouraged to see that MPC is now ubiquitous within the digital asset industry, it is evident from our findings \u2014 and our subsequent disclosure process \u2014 that not all MPC developers and teams are created equal,\u201d said Fireblocks CTO and co-founder Pavel Berengoltz.<\/p>\n
\u201cCompanies leveraging Web3 technology should work closely with security experts with the know-how and resources to stay ahead of and mitigate vulnerabilities,\u201d he added. <\/p>\n
Deposit risk: What do crypto exchanges really do with your money?<\/em><\/strong><\/p>\nSource: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Over 15 widely-used crypto wallet providers and<\/p>\n","protected":false},"author":3,"featured_media":179869,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
Fireblocks discloses massive vulnerability affecting crypto wallets - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fireblocks discloses massive vulnerability affecting crypto wallets - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Over 15 widely-used crypto wallet providers and\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-10T03:39:36+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/08\/Fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets\/\",\"name\":\"Fireblocks discloses massive vulnerability affecting crypto wallets - Pre Coin News\",\"isPartOf\":{\"@id\":\"https:\/\/precoinnews.com\/#website\"},\"datePublished\":\"2023-08-10T03:39:36+00:00\",\"dateModified\":\"2023-08-10T03:39:36+00:00\",\"author\":{\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/precoinnews.com\/crypto\/fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/precoinnews.com\/crypto\/fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/precoinnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto\",\"item\":\"https:\/\/precoinnews.com\/category\/crypto\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Fireblocks discloses massive vulnerability affecting crypto wallets\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/precoinnews.com\/#website\",\"url\":\"https:\/\/precoinnews.com\/\",\"name\":\"Pre Coin News\",\"description\":\"precoinnews.com\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/precoinnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/precoinnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Fireblocks discloses massive vulnerability affecting crypto wallets - Pre Coin News","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/precoinnews.com\/crypto\/fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets\/","og_locale":"en_US","og_type":"article","og_title":"Fireblocks discloses massive vulnerability affecting crypto wallets - Pre Coin News","og_description":"Over 15 widely-used crypto wallet providers and","og_url":"https:\/\/precoinnews.com\/crypto\/fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets\/","og_site_name":"Pre Coin News","article_published_time":"2023-08-10T03:39:36+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/precoinnews.com\/wp-content\/uploads\/2023\/08\/Fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/precoinnews.com\/crypto\/fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets\/","url":"https:\/\/precoinnews.com\/crypto\/fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets\/","name":"Fireblocks discloses massive vulnerability affecting crypto wallets - Pre Coin News","isPartOf":{"@id":"https:\/\/precoinnews.com\/#website"},"datePublished":"2023-08-10T03:39:36+00:00","dateModified":"2023-08-10T03:39:36+00:00","author":{"@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/precoinnews.com\/crypto\/fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/precoinnews.com\/crypto\/fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/precoinnews.com\/crypto\/fireblocks-discloses-massive-vulnerability-affecting-crypto-wallets\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/precoinnews.com\/"},{"@type":"ListItem","position":2,"name":"Crypto","item":"https:\/\/precoinnews.com\/category\/crypto\/"},{"@type":"ListItem","position":3,"name":"Fireblocks discloses massive vulnerability affecting crypto wallets"}]},{"@type":"WebSite","@id":"https:\/\/precoinnews.com\/#website","url":"https:\/\/precoinnews.com\/","name":"Pre Coin News","description":"precoinnews.com","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/precoinnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/precoinnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/f5f13cb3b94fc348d515c0951f6ca073?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/179870"}],"collection":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/comments?post=179870"}],"version-history":[{"count":0,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/posts\/179870\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media\/179869"}],"wp:attachment":[{"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/media?parent=179870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/categories?post=179870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/precoinnews.com\/wp-json\/wp\/v2\/tags?post=179870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}