Eowyn Chen, the Chief Executive Officer of Trust Wallet, earnestly addressed public apprehensions on February 15 regarding the safety of the Trust Wallet iOS application. This followed the appearance of a security alert in the National Institute of Standards and Technology’s (NIST) vulnerability database on February 8. The overnight alert on the tech magazine website refers to a possible financial loss case involving a flaw found last July.

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• Trust Wallet CEO Eowyn Chen reassures users that a reported iOS app vulnerability from July 2023 has been resolved and poses no current risk to user assets.
• The company emphasizes that despite a security alert in the NIST database, there have been no user funds lost due to the issue since it was addressed in July 2018.
• Trust Wallet maintains operational independence and a strategic partnership with Binance, following concerns over the relationship after Binance launched its own Web3 wallet.

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Trust Wallet CEO Refutes Security Concerns, Affirms User Safety after NIST Report

Security Alert and Trust Wallet’s Assurance

The security alert posited that an unauthorized third party had taken advantage of a flaw that could theoretically allow them to generate mnemonic phrases, linked to specific timestamps, to access and potentially steal from wallet addresses.

Trust Wallet promptly responded to the NIST database entry, assuring its community through various communication channels that the vulnerability had been effectively dealt with in July 2018. As such, users’ assets were secure, and the company was not under any investigation by U.S. authorities.

The company’s proactive measures in 2018 included a comprehensive outreach to all affected users, providing them with a safe migration strategy. Trust Wallet also confirmed that the wallet addresses once considered vulnerable no longer hold any funds, mitigating concerns over current user risk.

Proactive Measures Reinforce User Security

The circulation of the NIST report coincides with past events that brought Trust Wallet into the spotlight. In one incident in February 2023, a user’s encounter with a sophisticated social engineering attack led to a substantial financial loss. Trust Wallet acknowledged the incident while highlighting the stringent security protocols in place, which are regularly scrutinized by both internal and external security auditors, to ensure user safety.

Trust Wallet’s Independent Yet Strategic Ties with Binance

Amidst market turbulence, Chen provided clarity on Trust Wallet’s relationship with Binance. Despite Binance’s acquisition of Trust Wallet in July 2018 and the launch of Binance’s own Web3 wallet in November 2023, which impacted Trust Wallet’s native token, the CEO reinforced the notion of Trust Wallet’s operational independence alongside a strategic partnership with the cryptocurrency exchange.

At the time of writing, neither Trust Wallet nor Binance have issued additional statements regarding the matter.

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