Read

Status

<p class="is-style-lead">Research group Fireblocks has disclosed several vulnerabilities that could affect wallets using multi-party computation (MPC) technology providers.</p> 
<p>The company explained that the BitForge vulnerabilities had affected some of the most important wallet providers, like Coinbase, Zengo, and Binance.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">1/ The Fireblocks research team has uncovered BitForge, a set of vulnerabilities in some of the most widely adopted MPC protocols, that allow an attacker to retrieve a private key from a single device. Read on → <a href="https://t.co/xo2r9zgCvj" target="_blank" rel="noopener noreferrer nofollow">https://t.co/xo2r9zgCvj</a> <a href="https://t.co/7q1nEeVBwO" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/7q1nEeVBwO</a></p>— Fireblocks (@FireblocksHQ) <a href="https://twitter.com/FireblocksHQ/status/1689389347274162178?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 9, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>Fireblocks’s researchers added that the vulnerabilities could allow hackers and malicious insiders to take funds from the wallets of millions of retail and institutional users.</p> 
<blockquote class="wp-block-quote"> 
 <p>“It is evident from our findings that not all MPC developers and teams are created equal. Companies leveraging web3 technology should work closely with security experts with the know-how and resources to stay ahead of and mitigate vulnerabilities.”</p> <cite>Pavel Berengoltz, Fireblocks co-founder</cite> 
</blockquote> 
<p>The Fireblocks<a href="https://crypto.news/wp/wp-admin/post.php?post=14184415&amp;action=edit" rel="noopener noreferrer nofollow">’</a>s research team worked on patching the found vulnerabilities. They explained that Coinbase WaaS and Zengo were the best at handling the situation and ensuring their users were protected.</p> 
<p>Coinbase <a href="https://www.coinbase.com/blog/the-subtleties-of-error-handling-flaws-in-mpc" target="_blank" rel="noopener noreferrer nofollow">responded</a> to the findings by <a href="https://crypto.news/israel-based-bourse-teams-up-with-fireblocks/" rel="noopener noreferrer nofollow">Fireblocks</a>, thanking the company and adding that their customers were never at risk.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">2/ Coinbase immediately released updated libraries in May to improve error handling, despite the lack of exploitability. This is part of our commitment to continuously improve and maintain the highest standards of security.</p>— Coinbase Cloud 🛡️ (@CoinbaseCloud) <a href="https://twitter.com/CoinbaseCloud/status/1689400683173445636?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">August 9, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>Besides Coinbase, Waas, Zengo, and Binance, other wallet providers were impacted by the BitForge vulnerability. Fireblock published the BitForge Status Checker so that companies could check their current status regarding the vulnerabilities found.</p> 
<p> You might also like: <a href="https://crypto.news/fireblocks-integrates-google-cloud-and-others-for-enhanced-blockchain-security/" rel="noopener noreferrer nofollow"> Fireblocks integrates Google Cloud and others for enhanced blockchain security </a> </p>

Fireblocks disclosed vulnerabilities for crypto wallets

crypto.news

Other articles published on Aug 10, 2023

Cardano and Chiliz look to rebound, Tradecurve presale in progress

DoJ Says Bankman-Fried Went Beyond His Constitutional Right

France amends existing Crypto regime to accommodate MiCA; includes several new clauses

Amid Cardano’s Rapid Growth, Wanchain Bridges aim to Empower Users and Developers

Pepe Coin May Rise 2137% by 2025, But Will it Rival SHIB, DOGE?

Y00ts Not Feeling at Home on Polygon Anymore as it Joins DeGods on Ethereum

Join our free newsletter for daily crypto updates!