How secure are my funds Trust wallet? - page 2.

Yamifoud

hero member

Activity: 2828

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Quote from: bl9ckbox on March 23, 2022, 01:05:41 PM

Hi bitcointalk, I store my bitcoins in my trust wallet. I feel or used to feel it was the safest wallet to use because of the seed phrase feature it has. I have my private keys on paper somewhere safe. Everything was going well until this morning. I got the breaking news: Trust wallet has been removed from apple store. The trust wallet team are reassuring us on Twitter that our funds are safe but I’m not so sure anymore. If apple can take them down, android play store can do the same. What happens then?

Many of the forum members will suggest using a hardware wallet for high security but the question is it really need for us? Are the funds(amount) are we holding are worth enough because hardware wallet is expensive and we have to consider that.

But I believe using a trust wallet is also safe if we did these things...
https://trustwallet.com/blog/7-top-5-crypto-wallet-security-tips

In fact, I even use another mobile app for many years but never happens I was hacked, it really depends on how the user used it.

bl9ckbox

newbie

Activity: 2

Merit: 4

Chipard metamask is an online wallet, the same thing can happen to them. I googled hardware wallets, a couple of results came up. The prices of hardware wallets are quite high plus shipping from Amazon but if it will give me the security I need I don’t mind paying. Does anyone have experience with Trezor/nano wallet?

BIT-BENDER

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I store some of my Bitcoin on trust wallet although not much, I still don't get scared that my coins are on the platform, trust wallet is more secured than having your coin stored in an exchange wallet, I have some Bitcoin also on electrum and I feel most secured her I don't really have anything against trust wallet. I also recommend it to newbies and even old users.

rat03gopoh

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Just keep an eye on trustwallet's twitter updates (this is the latest one). To ensure that your funds are safe, you just have to check them in the address explorer. Just want to know how it works since I'm not an Iphone user, will the app stop working if it is delisted in appstore and it applies to all apps?

Quote from: Chipard on March 23, 2022, 01:16:20 PM

You can import your seedphrase to Metamask

However, it is even more discouraged to import private keys or seedphrases in many different apps.

NeuroticFish

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Quote from: bl9ckbox on March 23, 2022, 01:05:41 PM

I feel or used to feel it was the safest wallet to use because of the seed phrase feature it has.

As said it's closed source. Even more, while you are on the right track by choosing a wallet where you do have the seed, you should read about the dangers of hot wallets too.
(If your device is stolen or you install by mistake a malicious software, you can lose your funds, hence this kind of solution is only for small funds. For larger funds learn about hardware wallets and cold storage.)

Quote from: bl9ckbox on March 23, 2022, 01:05:41 PM

I have my private keys on paper somewhere safe. [...] If apple can take them down, android play store can do the same. What happens then?

Since you have the seed, you should be able to recover your wallet with another wallet software; but I've never used Trust wallet and I don't know if it's a standard seed, compatible with other wallets or not.
On the other hand you can act from now and:

1. Install a more widely compatible wallet to your device. I'll assume it's an Android phone and there the best choice is Electrum[1] (reputed, open source). Generate safely a new wallet onto Electrum and make sure you save the new seed carefully.
2. Send your bitcoin from Trust wallet to Electrum (and make sure you double check the recipient address is correct!)

---
[1] For installing go to https://Electrum.org , download page, and click there the google play link to make sure you don't install a malicious clone.

Pokapoka124

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Activity: 1148

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Quote from: Lauda on September 29, 2016, 02:53:17 PM

Not recommended or outdated Wallets
These wallets are either not-recommended for some reason or outdated. You should not use them! Please note that here we only list wallets that were previously on the list, or were suggested to be included by others. This does not include ALL wallets that exist and are not recommended. Wallets that are strongly not recommended:
Copay, Bitpay, Blockchain.info, BTC.com — untrustworthy, misleading customers, high fees, lacking implementation.
Mycelium — iOS app has been abandoned. Mycelium team was involved in various unethical scandals, e.g. raising money from ICOs, partying with the collected money and more.
Multibit — This wallet is discontinued: https://bitcointalksearch.org/topic/multibit-is-deprecated-stop-using-it-2293714.
Coinbase, Freewallet — Custodial wallets. Freewallet has also many scam accusations against it.
Ledger HW.1, Ledger Unplugged — Discontinued hardware wallets.
Bitfi - John McAffee's "unhackable" hardware wallet, named also as “the world’s first unhackable device”. Besides McAffee's notorious lack of ethics and besides the admitted vulnerabilities of this product, McAffee offered in 2018 a 100.000$ bounty (raised afterwards to 250.000$) to anyone able to hack the hardware wallet. One week later, a 15 years old teen cracked the wallet and launched Doom on it, but he never received a dime from McAffee.
Coinomi — Initially open source, then changed again to closed source. Had controversial situations in the past. More information can be found here.
Trust Wallet — Mislead users that it was open source (only iOS app was). Later both versions of the wallet became closed source. They have not provided a reasonable explanation for this. More information can be found here, and here.
Exodus — high fees (not customizable), security flaws, sync problems.]

Trust wallet isn't the best wallet to use. Trust wallet is closed source meaning the code is not available to the public, the developers can make changes in the wallet without the public knowing. Educate yourself on [General] Bitcoin Wallets - Which, what, why?

Chipard

jr. member

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You can import your seedphrase to Metamask https://metamask.io/download.html then transfer your funds to electrum or much better in hardware wallets as it is recommended to me who I also using trustwallet, i'll transfer my holdings soon to hardware wallet.

bl9ckbox

newbie

Activity: 2

Merit: 4

Hi bitcointalk, I store my bitcoins in my trust wallet. I feel or used to feel it was the safest wallet to use because of the seed phrase feature it has. I have my private keys on paper somewhere safe. Everything was going well until this morning. I got the breaking news: Trust wallet has been removed from apple store. The trust wallet team are reassuring us on Twitter that our funds are safe but I’m not so sure anymore. If apple can take them down, android play store can do the same. What happens then?

https://www.[Suspicious link removed]

I attached a screenshot of the message broadcast from Trust official Twitter https://i.ibb.co/fqHdDGZ/3-AFDDAC1-EA67-45-AC-ABF0-D48-A4-AD19-C87.jpg

Topic: How secure are my funds Trust wallet? - page 2. (Read 307 times)