Topic: To Trustwallet users. Vulnerability. Repayment. (Read 382 times)

Whilst their Bitcoin is stored in the Blockchain network, their seed phrase and keys to spend it is not, it has to be stored by them, and these are some of the basic things that a Bitcoin user should know, failure to know these and things go awry, definitely it is on them, and not because they find research hard to do.
Nobody has to discuss it with you personally, most of us in Bitcointalk joined the forum because we were curious about Bitcoin, if someone wants to know more about Bitcoin before using it, they'll find their way into this forum and get some of the best knowledge. Mind you that this issue of research isn't only peculiar to Bitcoin, it is a rule of thumb that one should research before using something, you cannot be ill and just take any drug because no one has previously personally talked to you about your symptoms, you obviously go to a doctor who has done all the research about it in school.

I don't even want to take a risk with such an incident even though Trust Wallet will guarantee compensation for their users' losses.
When a wallet like Trust Wallet is associated with an exchange party, then it will not guarantee the security of each user's privacy.
It seems to me that a situation like what happened to Trust Wallet with their latest announcement is not going to increase their number of users.
Every wallet user wants the best for the storage of assets.

That's a good side and I don't understand why users focus mainly on the few information they've harnessed about crypto, which is how to receive and send crypto, and neglect the most important duty; how to secure the crypto. In your view, since they can protect their MasterCard details from criminals, how then do they find it difficult to practice same measures on cryptocurrency. I'd blame it on companionship, aside research, the banking system is used by many people, I mean our neighbors, friends and family use banks. So, such measures keeps ringing into many people's memory as it's discussed around them by close friends. Bitcoin is not that way, and such people may feel reluctant about securing their coins because they believe it's safe regarding the fact it's saved on a blockchain. Hence, if that person, has a friend that talks to them about bitcoin they'll feel the need to do necessary adjustments. For instance,  in the case of my colleague, without our argument he wouldn't have done his research. He felt satisfied with the information he knew without researching, maybe he heard it from someone close to him, that was why he relaxed and even argued with me about that. So, what I'm driving at is that most people don't research because nobody, physically, discuss with them regarding bitcoin.

I have noticed this about Google search engine since long time ago and I know they will not disappoint to list bitcoin wallets that are not recommended along which can even be the first on the list.

Another thing I noticed about google are the suggestions they bring up, the title can be different while the answers in the suggestions are different. Example is if you ask about watermelon seeds, the suggestion can give you answer of a watermelon and labelling it as watermelon seeds.

As usual, google will not disappoint of wrong information, see what I searched just now.

I searched for best bitcoin wallet, see what I saw:

   

I searched for best bitcoin wallet, not most popular bitcoin wallet. Coinbase that was referred to is Coinbase.com which is a custodial wallet. Most of the wallets like Exodus, Trustwallet and Coinomi are close source. Is bitpay even a wallet? It is a payment processor. Metamask and Myetherwallet are not even bitcoin wallets.


See google suggestions below when I scroll down, just below that image that is above:



See another one:




I am tired of google suggestions, I have to stop it right now before the wrong information from google search engine will kill me. There are still many of them but I have to stop seeing rubbish.

Absolutely, but my point is you might Google "Which stock to buy" and then read a few articles about a bunch of different stocks. You don't just Google "stocks" and see $WTF pop up and immediately put all your money in to it.

But for some reason people Google "bitcoin wallet", click on the first thing they see, and end up with some trash like blockchain.com or Trust wallet, and do no further research until they run in to problems.

And yet, people do google likewise. Maybe googling "bank account" is very uncommon, but that's because the banks give you everything necessary to access during registration. Googling cars and stocks randomly is common, according to Google Trends. "Best stocks to invest" and "cars and bids" are pretty much frequently searched.

You would not open a bank account by Googling "bank account" and clicking on a random result.
You would not buy a car by Googling "car for sale" and clicking on a random result.
You would not choose a stock or ETF to invest in by Googling "buy a stock" and clicking on a random result.

Why then would you pick a bitcoin wallet by Googling "bitcoin wallet" and clicking on a random result?

A simple search of this forum would quickly reveal many topics about Trust wallet where people point out it is closed source and a poor choice of wallet.

Meaningless. You have no idea what is happening in the closed source portions of the code. Perhaps they are sending your seed phrase in plain text to Google, as other closed source wallets have done in the past.

So dedicated that Binance have been hacked multiple times and now Trust wallet has a critical vulnerability as well.

It discourages you from doing research. You google "bitcoin wallet", bitcoin.com, Coinbase and blockchain.com show up, you don't take the time to even figure out how bitcoin works, and you use their closed-source, not private and neither secure wallet software. That can happen to someone who's lazy.

When you have absolutely no competence in the subject, it's utterly obtuse and arrogant to consider what's "enough".

What does laziness have to do with it? Anyone can rest on the result found - in our case, a wallet - and consider it satisfactory. This does not mean that he is lazy, it means that to the best of his intellectual abilities, he decided that this is enough and there is no better result.


Disputes about the wallet of course.

Tough shit, but this is life. Being so arrogant and lazy that you think bad things won't happen to you due to Google throwing it to your face as "legit", without further research, is the recipe for disaster. If you don't know shit about cryptocurrencies, and you think you can overnight figure out what's the best software, then you're deeply benighted.

For what disputes are you talking about?

I don't understand the slightest how you can trust them for such compensation. Say you lost $100B worth of bitcoin, due to an exploit found in Trust wallet. How do you expect them to pay you back if they don't own that much in the first place? Your coins don't touch their wallet, supposedly.

Hey guys! I just wanted to remind you all that security breaches are unfortunately all too common in the crypto world and can happen to anyone. Stay vigilant and make sure to take all necessary precautions to protect your assets. When it comes to keeping your crypto safe, you can never be too careful. That's why it is preferable to choose a secure wallet that is open-source, non-custodial and free from the internet (maybe hardware is the best one). But, talking about TrustWallet, I think it's good that they have backup plans in place. Trust Wallet is a non-custodial mobile wallet for cryptocurrencies that allows users to store their own private keys and has no access to users' funds. While Trust Wallet is not open source, it has an open-source component called "Wallet Core," which is used in the Trust Wallet Browser Extension.

Although it is not ideal to place our cash in an un-open-source wallet, if we have to, it is necessary to evaluate the company's reputation and history. One of the top cryptocurrency exchanges in the world with a long history of putting security and consumer protection first is the owner of Trust Wallet. Binance, in reality, has a dedicated team and resources committed to investigating and preventing fraud and security breaches. Binance's commitment to client protection and brand trust played a significant role in their response to the Trust Wallet security incident. It's reassuring to work with well-established organizations that have a solid reputation for security and client safety because they're more likely to have procedures in place to deal with unanticipated situations.

What are problems with their wallet development?

If Binance could afford to pay compensation for their past hack in 2019 when they were smaller than now. They can afford to do similar for Trust wallet security problems.

They run Binance Hacker Bounty that is $250,000 equivalent to chase hackers.

The latest development of Trustwallet is heartbroken. For Binance CEO to repay/refund such big amount to the hack victims. Is it that their security firewall is weakened? How can hackers just penetrate an exchange website just like that. And the company knows that other people funds are inside. They would have used a strong defensive mechanism for this cyberattacks. In some ways I will not also blame the company security team. Because those hackers use different ways to attack sides like that.

I'm not saying that there are no such people, I'm saying that they are a minority. Let's face the facts - do you see a lot of people here besides me who dig to the truth, while not being afraid to show that they didn't know something from the beginning?
The forum is behind this and is needed to carry the truth in disputes. If this happens, everything works correctly, the forum lives.

I hope that now as many people as possible will read this topic and think about what is written here and above.

If you look in my past self, at around 2020, you will notice that these things weren't as obvious as they are today, but I did use common sense. My first wallet to use was Bitcoin Core. My second was Electrum. And in fact, I was even lenient with security and verified the signature. I have never used a closed-source wallet, and haven't lost a single satoshi. Why? Because I had taken the time to read Internet boards, and even ask some questions myself.

The most obvious thing to do if you acknowledge unawareness of the subject, is to seek for help.

It is not about forum rank, there are quite a lot of people who aren't registered users on Bitcointalk forum, but they know the right thing to do, that's because these people have done their own due dilligence, i don't think there is an excuse for not doing doing your research. Your crypto funds is your money, so just the way you safeguard your fiat currency is the same way you should do to your crypto.

Having said that, part of the reasons why people do not care about getting the right information is because they came into the network to become rich quick, thus their only goal and focus is how high their funds can pump and not how safe their funds is in the wallet they put it. If one actually believes in Bitcoin and in what it offers, the'll study about it, and they'll make their way to forums such as this one to discuss with individuals of like-minds and in the process exchange knowledge.

Everything is so obvious to you because you are Legendary - you have been in the world of cryptocurrencies for a long time, and are active in them.  And I think you already know without me how rarely people really deeply understand the issue . Even I, Hiro, am just now starting to draw the right conclusions. The powerful advertising campaign of this wallet makes you believe in its security. Which is in fact questionable, or rather it is absent compared to, for example, Electrum.
I understand what you mean that information is easy to Google. But the fact is that you need to find arguments that will make you doubt. I did it - but how many people won't stop to say: Trust wallet prety well I will use only it.

You don't need to be an expert. You just need to use common sense. Software which is not maintained likewise, is portrayed as one of the worst choices in wallet reviewing sites, and is quickly revealed to being prone to vulnerabilities, should not be used.

If you're going to put your money where your mouth is, at least take the time to study where you're putting it. Bitcoin.org is one of the best sources to start, and fortunately, is the first result when you google "bitcoin".

Just for double confirmation, only the trust wallet browser extension is affected and those users who are using the trust wallet app in their phone are not affected due to this vulnerability ? I am not saying that the Trust wallet app is safe, but i think it is just the extension in this particular case, otherwise it would have created panic among the people as mostly use the app.


Ever since theymos mentioned the "Unstoppable wallet" in Reminder: do not keep your money in online accounts, i have shifted majority my altcoins from trust wallet to Unstoppable wallet. I hope it is 100% safe now 

That's exactly why (unfortunately) cryptocurrencies are not widely distributed: in order to simply save bitcoin, you need to be able to dig for information at the expert level. To know what a github is, how to view a commit and draw conclusions about the relevance of the repository for your bitcoins. Is an ordinary ordinary person going to be able to figure it out? But this is the storage of Money, which is difficult to earn, and easy to settle because of scammers in the world of cryptocurrencies.