Digital asset infrastructure firm Fireblocks has revealed that many crypto wallet providers have security vulnerabilities.
The Fireblocks research team stated that more than 15 of the most widely used crypto wallet providers have vulnerabilities and customer funds can be drained. Fireblocks identified this vulnerability as BitForge, which allows attackers to easily obtain private keys from a device.
Fireblocks warns crypto wallet providers
According to a study by Fireblocks, widely used crypto wallet providers are in danger due to a vulnerability called BitForge. These wallet providers serve millions of crypto investors.
This vulnerability, called BitForge, can affect wallet providers using multilateral computing (MPC) technology. Fireblocks mirrored the problems it detected as “zero-day vulnerabilities”. Accordingly, the problems were not previously discovered by the service providers.
Fireblocks stated that if the problems are not fixed, disclosures and attacks may increase. According to the research, funds in the wallets of millions of individual and corporate customers can be reset within seconds. The digital asset infrastructure firm stated that this problem is also on the side of Coinbase and Binance. However, according to Fireblocks, these companies have solved the problem.
Coinbase chief security officer Jeff Lunglhofer thanked Fireblocks for spotting the issues. Lunglhofer stated that on the Coinbase side, customer funds are not in danger.
Fireblocks explained that it is trying to reach out to organizations that may have similar problems and has been constantly warning these organizations.
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