While there have been many hacking incidents in the cryptocurrency industry, Trust Wallet, the cryptocurrency wallet owned by Binance, was among the hack victims. 
While Trust Wallet suffered many cyber attacks in 2023, US authorities put Trust Wallet under investigation. 
According to Coindesk, the National Institute of Standards and Technology (NIST) of the US Department of Commerce is investigating a possible security vulnerability in Binance's Trust Wallet iOS application. 
It was stated that these vulnerabilities have the potential to enable hackers to steal money from cryptocurrency wallets. 
At this point, NIST claimed in its statement that the trezor-crypto library used in the iOS version of Trust Wallet was misused in the production of mnemonic words that are critical for wallet security. 
It was also stated that this vulnerability caused by the production of mnemonic words led to a hacking incident with financial loss in July 2023. 
Regarding the vulnerability caused by these mnemonic words, NIST said: 
<blockquote> 
 “With this existing vulnerability, an attacker can systematically create mnemonic words at any time within a valid time period and link them to specific wallet addresses to steal funds from these wallets.” 
</blockquote> 
The Trust Wallet wallet, purchased by Binance in 2018, was exposed to many cyber attacks in 2023 and suffered over 4 million dollars in damage. 
Following this news, the price of Trust Wallet's native token TWT dropped and fell below $1.2. 
<img decoding="async" class="alignnone size-full wp-image-134790" src="https://www.bitcoinsistemi.com/wp-content/uploads/2024/02/TWTUSDT_2024-02-15_13-48-24.png" alt="" width="1112" height="1073"> 
*This is not investment advice. 
 Continue Reading: <a href="https://en.bitcoinsistemi.com/usa-investigates-trust-wallet-owned-by-binance-this-altcoin-price-dropped/">USA Investigates Trust Wallet Owned by Binance! This Altcoin Price Dropped!</a>

USA Investigates Trust Wallet Owned by Binance! This Altcoin Price Dropped!

Bitcoin Sistemi EN

Другие статьи, опубликованные 15 февр. 2024 г.

Are you more of a Bitcoin or Ethereum person?

Price Analysis: Celestia (TIA) Price Falls More Than 3% In 24 Hours

Uniswap Founder Warns Against ENS Domain Scams: Details

XRP Gather Steam; Incoming Rally or a Dead Cat Bounce? TIA and NuggetRush (NUGX) Capture Investor...

Crypto and Money Laundering: Key Focus in Upcoming House Hearing

Ethereum Price Prediction: ETH Jumps 16% In 7 Days As Top Analyst Says Rotation To Ethereum Is ”C...

Join our free newsletter for daily crypto updates!