~snipped~
Trust wallet imo has been compromised since Binance took over, if one day Binance comes under investigation and shuts down like FTX. What do you think will happen to Trust wallet? Is that a risk you’re willing to take?
Topic: Can trustwallet be hacked. can the owners take money of all the users? (Read 329 times)
January 08, 2023, 04:09:19 PM
January 08, 2023, 12:43:38 PM
Can trustwallet be hacked. can the owners take money of all the users?
Is it possible scanario that wallets like Trustwallet Blockchain info Exodus etc have control on the users funds?
Is it possible scanario that wallets like Trustwallet Blockchain info Exodus etc have control on the users funds?
Since you're talking about a closed source wallet then it is likely that they can get hack or perhaps the dev can add some malicious code to steal users funds who knows?
But in cases where your wallet it open source and has been inspected thoroughly to make sure there's no suspicious code that code lead to the users losing their funds. If such wallet is use them it will be almost impossible to get hack if the user is extremely careful about how s/he uses their system.
But if your are not sure of which wallet to go for you can just buy hardware wallet to increase the security of your funds.
January 08, 2023, 12:13:51 PM
I don't know about other wallets you listed in the OP but I can say a thing for Trust Wallet. Yes, I've read about it being a closed source type of wallet and many have pointed to that as its major vulnerability. However, I know I've been using TW for two years now or so and I haven't had any issues with it. My funds have remained intact. While I don't want anyone misquoting me on this, I'm just sharing my experience without mincing words
Not just you, TW has 10 million users, and so far no one has had a problem with it. The only downside of TW is that it is a closed source, and because of this people are afraid, they are afraid because if one fine day the parent company Binance collapses, that could happen to TW, and our assets are also at risk. That is also the downside of all closed source wallets on the market today, other than this everything else is perfect.
I also like using TW because it's easy to use but I only use it for shitcoins, say no to bitcoin and big assets.
January 08, 2023, 11:59:13 AM
I have not seen anyone complaining about lose of funds using Trust wallet though I believe they are not fully open source like many think, instead the max amount of money or assets I keep on Trust wallet is limited, I still believe that Trust wallet is far safer than many crypto mobile wallets out there.
Trust wallet being closed source doesn't mean it's bad, it works better and it's been years since I installed on my smartphone.
Trust wallet being closed source doesn't mean it's bad, it works better and it's been years since I installed on my smartphone.
January 08, 2023, 11:50:25 AM
~snipped~
Trust wallet imo has been compromised since Binance took over, if one day Binance comes under investigation and shuts down like FTX. What do you think will happen to Trust wallet? Is that a risk you’re willing to take? January 08, 2023, 11:05:36 AM
I don't know about other wallets you listed in the OP but I can say a thing for Trust Wallet. Yes, I've read about it being a closed source type of wallet and many have pointed to that as its major vulnerability. However, I know I've been using TW for two years now or so and I haven't had any issues with it. My funds have remained intact. While I don't want anyone misquoting me on this, I'm just sharing my experience without mincing words
No one has been swindled yet. Your funds may be intact now but we can’t predict the future. FTX victims were once dedicated users who believed in the false security they were given by the company. Trust wallet imo has been compromised since Binance took over, if one day Binance comes under investigation and shuts down like FTX. What do you think will happen to Trust wallet? Is that a risk you’re willing to take? 
January 08, 2023, 07:28:39 AM
Weird that they can lie on their website because it is easy for developers to check a wallet is open source or close source.
Unfortunately, most people don't do that and they easily believe everything they read over the internet without validating the information. Trustwallet has probably deceived many people in this way. Just google "Is trustwallet open-source?" and see the result.
January 08, 2023, 07:22:36 AM
I don't know about other wallets you listed in the OP but I can say a thing for Trust Wallet. Yes, I've read about it being a closed source type of wallet and many have pointed to that as its major vulnerability. However, I know I've been using TW for two years now or so and I haven't had any issues with it. My funds have remained intact. While I don't want anyone misquoting me on this, I'm just sharing my experience without mincing words
January 08, 2023, 07:15:05 AM
Who says that is so? It is a well-known fact that this wallet is not open source, and even that is clearly stated in the second post of this topic.
I believe so but I don't know how to check codes and I did not believe it is open source because the wallet belongs to Binance.They are lying. Trustwallet used to be open-source, but it became close-source after being purchased by binance.
If you check their github, you see that the code hasn't been updated in the last 4 years.
Weird that they can lie on their website because it is easy for developers to check a wallet is open source or close source.If you check their github, you see that the code hasn't been updated in the last 4 years.
Binance acquired trustwallet in 2018, not two years ago.
Thank you. My memory called me to their TWT distribution on Binance and listing a few weeks later in 2020, not when Binance took over Trust wallet. 
January 06, 2023, 11:34:42 AM
Yes they can if they want to, closed source means we don't know what and how the wallet is designed so you have to go with reputation/trust or simply choose the open source so you can verify the signatures on your own and its impossible to steal your money without your mistake like using infected device, getting phished or something similar.
January 06, 2023, 09:16:06 AM
Their website states that they are an open source wallet that make me confusing.
They are lying. Trustwallet used to be open-source, but it became close-source after being purchased by binance.If you check their github, you see that the code hasn't been updated in the last 4 years.
I knew Binance took over Trust wallet two years ago and believe it is a close source wallet but their description is open source.
Binance acquired trustwallet in 2018, not two years ago. 
January 06, 2023, 08:57:33 AM
Sorry but is Trust wallet really open source?
Who says that is so? It is a well-known fact that this wallet is not open source, and even that is clearly stated in the second post of this topic.
I knew about android phones since version 1.0 but till this day I have never seen a n android phone getting infected with malware, I don't think it's possible but correct me if I am wrong.
It is quite possible, Android is not immune to malware and viruses. I have personally seen some smartphones infected with very vicious malware that at that moment could not be removed in any way, not even a factory reset. I can't remember what that malware was called, although we mentioned it on the forum.
If you are interested in more, there are good articles that describe in detail some of the most dangerous malware that attack the Android OS, and how to prevent them - use the search engine and keywords.
January 06, 2023, 06:57:57 AM
Blue wallet is 100% safe because is opened source and no vulnerability?
It's as safe as your device. If your phone is infected with malware, you can't expect your wallet to remain safe but yes, the developers of the wallet cannot access everyone's funds.
January 06, 2023, 06:43:13 AM
Sorry but is Trust wallet really open source?
Their website states that they are an open source wallet that make me confusing. I knew Binance took over Trust wallet two years ago and believe it is a close source wallet but their description is open source.
Trust wallet for Developers
Their website states that they are an open source wallet that make me confusing. I knew Binance took over Trust wallet two years ago and believe it is a close source wallet but their description is open source.
Trust wallet for Developers
Quote
Trust Wallet is a community driven, open-source, multi coin crypto wallet. It enables blockchain developers to build their DApps and wallets natively without having to worry about the low-level implementation details. We know that working together as a community is better for everyone.
January 06, 2023, 06:12:51 AM
I've also heard that it was possible to hack, with physical access to the equipment, a Trezor. But there is no record that anything ever happened to a Ledger.
When you write it like that, it looks like it's a rumor, but the truth is that it's a proven fact and that any Trezor HW that is not protected with a passphrase or SD card can be hacked in 5 minutes with equipment worth $100. Of course, it is a physical attack, which means that the HW should be stolen/lost.
Ledger had its vulnerabilities, but as far as is known, they have all been patched, although the Ledger Leak is something that definitely seriously damaged the company's credibility. Someone who is in such a serious business should not allow such situations.
January 05, 2023, 08:43:23 PM
You probably mean non-custodial. Trustwallet gives you access to your keys and it's a non-custodial wallet. That's different from decentralization.
I don't think it's true to use the term "decentralization". When you use trustwallet, you connect to their server and you rely on a third party.
I don't think it's true to use the term "decentralization". When you use trustwallet, you connect to their server and you rely on a third party.
This. Just a heads up that probably the only truly "decentralized" wallet we have right now is Bitcoin Core (and probably arguably Electrum?) due to the diverse amounts of developers/contributors. But then again, a wallet doesn't necessarily need to be decentralized to be good.
January 05, 2023, 02:16:10 PM
Although it's a decentralized wallet it's still a hot wallet so I think it's not 100% correct to trust it.
You probably mean non-custodial. Trustwallet gives you access to your keys and it's a non-custodial wallet. That's different from decentralization. I don't think it's true to use the term "decentralization". When you use trustwallet, you connect to their server and you rely on a third party.
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January 05, 2023, 02:09:51 PM
Although it's a decentralized wallet it's still a hot wallet so I think it's not 100% correct to trust it. Moreover, there is still a lot of confusion about the privacy of trust wallet backed by persons. So I think this also leaves the possibility of being hacked.
From this point of view, I think cold wallets are ahead because hackers can't attack in offline, But the main factor here is that the protection of device and the private keys.
From this point of view, I think cold wallets are ahead because hackers can't attack in offline, But the main factor here is that the protection of device and the private keys.
January 05, 2023, 01:42:39 PM
I don't think have scenario about the owner will take fund for their user saving assets in trustwallet, seems impossible thing having developer want to give bad reputation for their platform have building for long term and spent much money, knowledge and actually they have spent their time.
Owners/founders of most new altcoins for example build 'reputation' for a long time, spend money and time to make people believe them, but they take all the money of their investors when they have garnered enough. Mind you that once it is a centralized service, you can lose money as a result of the direct or indirect actions of the owners, if Binance falls for example, there's a high probablily that trustwallet will go down with'em.Trustwallet most safety placed for saving assets due has own controlling with seed phrase than alternative way when saving cryptocurrency in exchange market. Don't worry about saving fund in trustwallet due not connected with any dapp exchange market and never give access approving for dusting token.
The safest place for storing your funds/asset is offline/an airgapped device, trustwallet is none of that, it is closed source and an online wallet, it is pretty far from being the safest place to store your funds. 
January 05, 2023, 01:38:00 PM
Can trustwallet be hacked. can the owners take money of all the users?
Is it possible scanario that wallets like Trustwallet Blockchain info Exodus etc have control on the users funds?
Trust wallet can be hacked if someone hijack their website and redirect users to download malicious software that can report seed words to scammers.Is it possible scanario that wallets like Trustwallet Blockchain info Exodus etc have control on the users funds?
I don't trust any wallet that is not open source like Trust, Exodus and similar, because code can't be verified, but I don't think anyone reported losing coins like you said.
It's possible that some people who work for them could leak information, but non-custodial can't be hijacked like online wallets.
However, it's better to be safe than sorry, so use only open source wallets like Electrum and verify it before insdtalling.
January 05, 2023, 01:24:01 PM
I don't think have scenario about the owner will take fund for their user saving assets in trustwallet, seems impossible thing having developer want to give bad reputation for their platform have building for long term and spent much money, knowledge and actually they have spent their time.
Trustwallet most safety placed for saving assets due has own controlling with seed phrase than alternative way when saving cryptocurrency in exchange market. Don't worry about saving fund in trustwallet due not connected with any dapp exchange market and never give access approving for dusting token.
Trustwallet most safety placed for saving assets due has own controlling with seed phrase than alternative way when saving cryptocurrency in exchange market. Don't worry about saving fund in trustwallet due not connected with any dapp exchange market and never give access approving for dusting token.
January 05, 2023, 12:49:29 PM
What if the developer install malware on their new update.(lets say they make new update on 15 JAN)
Quite difficult to do due to the slightly better privacy features of newer Android and iOS operating systems. But it's definitely possible and definitely a risk.Being open sources software wont allow other users to see if its infected i believe.
Of course. Not every user can verify source code. But it only takes one or a few developers to see the bug/malicious code and publicize it to get people to stray away from the software.what of millions of people will download their app then they could take the funds of the users?
They could. Hence why a wallet being open source is very important. 
January 05, 2023, 12:47:56 PM
What if the developer install malware on their new update.(lets say they make new update on 15 JAN)
Being open sources software wont allow other users to see if its infected i believe.
what of millions of people will download their app then they could take the funds of the users?
Being open sources software wont allow other users to see if its infected i believe.
what of millions of people will download their app then they could take the funds of the users?
Well, that threat always exists, just like with any other software. A software developer might sneak some malware into an upgraded version of their software, but with open source, software will always have a bit more transparency than closed-source, since any user can see the code and check for potential issues. That means other developers and users can check the source code for any potential issues or malicious code and alert the community. That's the benefit of open source software. Not only does it allow any programmer with the ability to improve upon the source code, it also means that there are many people looking at the source code for vulnerabilities and flaws to report. There is strength in numbers, after all, and open source projects are no exception.
January 05, 2023, 12:22:30 PM
I would prefer Trezor over Ledger. Trezor is open-source and ledger is close-soruce.
Ledger Live is open source and the hardware wallet can be connected to open source wallets like Electrum, but all Ledger Nano wallet secure elements are close source which is one if the reasons to prefer Trezor. I will also prefer but use passphrase with Trezor. Ledger company also do not care about users privacy.I've also heard that it was possible to hack, with physical access to the equipment, a Trezor. But there is no record that anything ever happened to a Ledger.
Therefore, both have their advantages and disadvantages.
January 05, 2023, 11:21:46 AM
If you want security, then forget all desktop/mobile/online or hardware wallets and focus on cold storage. Of course, the whole thing boils down to the fact that you need a device that is not and will never be connected to the Internet, and a little knowledge about how to make cold storage in the correct way. It's just advice, of course you do everything at your own risk.
January 05, 2023, 10:46:24 AM
I would prefer Trezor over Ledger. Trezor is open-source and ledger is close-soruce.
Ledger Live is open source and the hardware wallet can be connected to open source wallets like Electrum, but all Ledger Nano wallet secure elements are close source which is one if the reasons to prefer Trezor. I will also prefer but use passphrase with Trezor. Ledger company also do not care about users privacy.What if the developer install malware on their new update.(lets say they make new update on 15 JAN)
Being open sources software wont allow other users to see if its infected i believe.
The website can be compromised by hackers and malware update can be released. But always verify the PGP signature of the wallet before downloading or updating it.Being open sources software wont allow other users to see if its infected i believe.
As for the developers, the vulnerability can be noticed and corrected, instead of close source wallets that no one can check their code.
January 05, 2023, 10:37:21 AM
What if the developer install malware on their new update.
and millions of people will download their app then they could take the funds of the users?
As an open source software, it is possible to verify the codes behind the platform and vulnerabilities like malwaes would be spotted.and millions of people will download their app then they could take the funds of the users?
Of course users don't always verify the code or signatures from sources where they download sensitive apps and could fall victim.
Never trust; Verify.
January 05, 2023, 10:32:34 AM
Blue wallet is 100% safe because is opened source and no vulnerability?
It's as safe as your device. If your phone is infected with malware, you can't expect your wallet to remain safe but yes, the developers of the wallet cannot access everyone's funds.
What if the developer install malware on their new update.(lets say they make new update on 15 JAN)
Being open sources software wont allow other users to see if its infected i believe.
what of millions of people will download their app then they could take the funds of the users?
January 05, 2023, 10:31:20 AM
Blue wallet is 100% safe because is opened source and no vulnerability?
Blue wallet is open-source and if it's used in the correct way, your fund would be safe. Note that if you want your wallet to be completely secure, you should generate and use your wallet on an airgapped device. Otherwise, there's always the possibility of being hacked.
What about Trezor or Ledger nano
They are good. With using a hardware wallet, you can be sure that your keys are always kept offline and your fund is safe.
I would prefer Trezor over Ledger. Trezor is open-source and ledger is close-soruce.
January 05, 2023, 10:31:15 AM
Blue wallet is 100% safe because is opened source and no vulnerability?
It's as safe as your device. If your phone is infected with malware, you can't expect your wallet to remain safe but yes, the developers of the wallet cannot access everyone's funds.
January 05, 2023, 10:26:11 AM
All the wallets you mentioned are close source and there is no way to know whether they have access to users keys or not.
Since we don't know how the keys are generated, everything is possible. It's possible that there's a vulnerability that help the hackers steal users fund.
Since we don't know how the keys are generated, everything is possible. It's possible that there's a vulnerability that help the hackers steal users fund.
Blue wallet is 100% safe because is opened source and no vulnerability?
What about Trezor or Ledger nano are they 100% safe or there is cach?
January 05, 2023, 10:17:04 AM
All the wallets you mentioned are close source and there is no way to know whether they have access to users keys or not.
Since we don't know how the keys are generated, everything is possible. It's possible that there's a vulnerability that help the hackers steal users fund.
Since we don't know how the keys are generated, everything is possible. It's possible that there's a vulnerability that help the hackers steal users fund.
January 05, 2023, 10:11:36 AM
Can trustwallet be hacked. can the owners take money of all the users?
Is it possible scanario that wallets like Trustwallet Blockchain info Exodus etc have control on the users funds?
Is it possible scanario that wallets like Trustwallet Blockchain info Exodus etc have control on the users funds?
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