U.S. Cyber Authorities Investigate 'Binance Trust Wallet' iOS App for Vulnerabilities (2024)

FAQs

U.S. Cyber Authorities Investigate 'Binance Trust Wallet' iOS App for Vulnerabilities? ›

U.S. cyber authorities are investigating a possible vulnerability in the Binance Trust Wallet iOS app. The vulnerability would allow attackers to steal money by guessing security words known as mnemonics.

Privacy and Security - Trust Wallet utilizes industry standard security practices as well as advanced access controls in modern versions of iOS and Android. Your keys stay on your device, and you have full control over your funds and your experience. Permission is not needed here.

While Trust Wallet is legal in the US and provides a secure, decentralized way to manage digital assets, users must comply with tax laws by reporting capital gains, losses, and income. Failing to do so can result in penalties, even though the wallet does not issue tax forms like a 1099.

Firstly, in November 2022, Trust Wallet identified a security vulnerability that led to a loss of nearly $170,000 for some users. This issue, linked to the Wallet Core open-source library and its WebAssembly component specifically, affected new wallet addresses generated between November 14 and 23, 2022.

In 2018, Trust Wallet was acquired by Binance, one of the world's largest cryptocurrency exchanges, further solidifying its position as a trusted platform in the crypto community.

Apple Removes Trust Wallet from Its App Store.

Scammed funds are generally not retrievable, but our support team wants to understand the details. Report the incident to law enforcement and create a support ticket at support.trustwallet.com.

Verdict at a glance: The Trust Wallet offers a secure and user-friendly mobile and website extension-based wallet. Its strengths lie in robust safety measures, a diverse range of cryptocurrencies and NFTs, and an easy-to-navigate interface.

"Trust Wallet is now a separate legal entity that is not part of the Binance group and operates independently from Binance.com," a Binance spokesperson said in an email.

The simple answer is that Trust Wallet does not currently report user information or activity to the IRS. While this sounds like great news on the surface, there are some downsides to it as well. On one hand, users can feel secure knowing that their information remains private.

How do I make sure my trust wallet is safe? ›

Add Extra Security: Passcode with/without Touch ID or Face ID. The next step after backing up is to add an extra layer of security by adding a passcode. Adding a passcode makes it difficult to access your wallet, send crypto or change your pin should your phone get stolen.

As users do not need any personal ID for downloading Trust Wallet, it is anonymous, too. However, if you have added two-factor authentication (2FA) to your app or use exchanges that ask for KYC, your identity can be revealed.

Yes. In the United States, your transactions on Trust Wallet and other platforms are subject to income and capital gains tax. If you've earned or disposed of crypto (ex. Sold or traded away cryptocurrency) during the year, you'll have a tax liability to report to the IRS.

It is a legitimate cryptocurrency wallet that is owned by Binance, one of the largest and most reputable cryptocurrency exchanges in the world. Trust Wallet has a strong reputation for security and has been audited by third-party security firms.

Your secret phrase is the master key to your wallet, and anyone who has it can access all your crypto. Your seed phrase should be known by you and you only.

Your cards are associated with your Apple ID to help you add and manage your cards across your devices. In addition, iCloud secures your Wallet data—like passes and transaction information—by encrypting it when it's sent over the Internet and storing it in an encrypted format when it's kept on Apple's servers.

So, when you trust the app, it's a good thing for you and your iPhone. Just be careful and trust only the apps you know are safe. Trusting apps helps your iPhone run smoothly, and you can enjoy using them without worries about your phone's safety.

Zengo is one of the best non-custodial wallets that gives users absolute control over their crypto assets. It is a good option for security-conscious crypto investors, especially those with large crypto holdings. This wallet offers unparalleled security features, including MPC (multi-party computation) technology.