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- Fireblocks has revealed the BitForge vulnerability impacting over 15 wallet providers.
- Binance addressed the concern, and the CEO of Binance expressed gratitude towards the Fireblocks team.
The crypto community faces threats from digital fraud and theft. The FBI (Federal Bureau of Investigation) has also taken measures to inform users about NFT scams through a public notice. Similarly, Fireblocks Network, a secure platform for transferring digital assets, has detected security vulnerabilities affecting wallet providers, including Binance and others.
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The cryptographic research team at @FireblocksHQ has identified a series of Zero Day Vulnerabilities referred to as BitForge, impacting over 15 wallet providers that utilize widely adopted implementations of MPC Protocols, including GG-18, GG-20, and Lindell17.— hitesh.eth (@hmalviya9) August 10, 2023
The Fireblocks Cryptography Research Team has uncovered a collection of issues collectively termed BitForge. Additionally, this employs various implementations of Multi-Party Computation (MPC) Protocols such as GG-18, GG-20, and Lindell17.
Security Alerts from Fireblocks
By splitting a single private key among multiple parties, MPC wallets assist providers with the concept of secret sharing. This additive principle allows for the division and distribution of secrets across a group of independent parties. According to Alchemy’s decentralized application, there are 17 MPC wallets within the Web3 ecosystem.
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Furthermore, these BitForge vulnerabilities represent zero-day flaws, indicating discrepancies or weaknesses that have been revealed but remain unresolved in the device. A zero-day exploit, on the other hand, refers to an attack that targets these vulnerabilities.
Binance’s CEO Appreciates Fireblocks
Changpeng Zhao, the CEO of Binance, extended thanks to the Fireblocks team for identifying the issue that arose within Binance. Additionally, the public source file of Binance, TSS Library Binance, was affected by BitForge. However, it has since been rectified, and users can rest assured that no funds have been compromised to date.
This issue existed in the open-sourced TSS Library Binance, which has been resolved. Thanks to Fireblocks for bringing it to light!
No @Binance user funds have been impacted.
Even MPC custody solutions come with risks. Stay #SAFU!https://t.co/UneRs7VOj7
— CZ
Binance (@cz_binance) August 10, 2023
https://t.co/UneRs7VOj7The CEO of Binance has also stated, “Even MPC custody solutions have risks. Stay #SAFU!” Fireblocks has notified several impacted wallets, including Zengo, Binance, and Coinbase, while others have yet to be identified.
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