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Author Topic: Do you continue to trust Trust Wallet?  (Read 1220 times)

Offline KryptoBull

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Do you continue to trust Trust Wallet?
« on: March 13, 2024, 02:56:22 AM »
Everyone participating in the market is encouraged to self-custody crypto in personal accounts instead of leaving tokens on CEXs, and to create accounts and interact with blockchains, wallet applications are extremely necessary. In 2017, I had to use the MEW website to create and manage accounts on the Ethereum blockchain, but since 2020, I have switched to using mobile applications and the application I chose is TrustWallet on iOS. To be honest, I'm still using TrustWallet on my old iPhone, just for the purpose of trading when needed.

As a regular user, I have no complaints with TrustWallet: it is fast, smooth, supports many blockchains, is user-friendly and has a huge community [1]. However, TrustWallet was recently investigated and accused by SECBIT Labs (not the SEC): a flaw in Trust Wallet's code used functions intended for testing purposes only. These functions generated weak private keys, making it easier for attackers to steal funds. The vulnerability potentially affects accounts created between February and August 2018 on Trust Wallet's iOS app [2].

Fortunately, I didn't use TrustWallet in 2018. Additionally, Trust Wallet claims that the issue only affected a small number of users and was patched in July 2018, and affected users were notified and migrated to new wallets. However, this makes me a little worried: are there still unknown security vulnerabilities in TrustWallet? Even the giant Ledger, which prides itself on hardware wallets, had problems at the end of 2023 [3], so it's normal for me to be worried about TrustWallet. I'm a pretty optimistic person, but I know I need to diversify my risk and can't put all my self-custodied crypto assets in one account and in one crypto wallet app.

As a long-time user, I still trust TrustWallet, but this event also made me decide to use one more crypto wallet app, SafePal on iOS. I've also thought about hardware wallets, I've never used one before but I will research and will soon buy one from the profits in this uptrend. I'm not afraid to admit that I like the convenience of crypto wallet apps on smartphones over hardware wallets. After all, convenience comes at a price for security.

I would like to know your views on crypto wallets:
  • Are you using TrustWallet? Will you continue to trust TrustWallet?
  • Are you using other crypto wallet apps?
  • Is a hardware wallet really necessary for your crypto investment?

References:
[1] Trust Wallet Review 2024 – Everything You Need to Know
[2] Old Trust Wallet iOS vulnerability from 2018 may still affect some accounts
[3] What We Know About the Massive Ledger Hack

Note:
  • My opinion was posted first in that topic, on Bitcointalk
  • I leave the source link to avoid plagiarism accusation.
  • I excluded/ included minor things from an original thread if necessary.

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Do you continue to trust Trust Wallet?
« on: March 13, 2024, 02:56:22 AM »

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Offline MrSpasybo

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Re: Do you continue to trust Trust Wallet?
« Reply #1 on: March 13, 2024, 04:46:30 PM »
As a long-time user, I still trust TrustWallet, but this event also made me decide to use one more crypto wallet app, SafePal on iOS. I've also thought about hardware wallets, I've never used one before but I will research and will soon buy one from the profits in this uptrend. I'm not afraid to admit that I like the convenience of crypto wallet apps on smartphones over hardware wallets. After all, convenience comes at a price for security.

I would like to know your views on crypto wallets:
  • Are you using TrustWallet? Will you continue to trust TrustWallet?
  • Are you using other crypto wallet apps?
  • Is a hardware wallet really necessary for your crypto investment?
Similar to diversifying investment portfolio, I believe we should also divide crypto assets in many places: using a few CEXs for trading and using a few crypto wallet applications, a few accounts for custody will be safer. In case the worst happens to a certain storage location, the rest is also safe. The case of Mt. Gox, Celsius, BlockFi and FTX have proven it.

1. I'm also using Trust Wallet, just downloaded and used the mobile application. Before, I often used Metamask as the main wallet application. This issue is not related to new users, so I will still temporarily trust Trust Wallet.

2. I am using MetaMask and Binance Web3. I have not used SafePal yet but will consider it in the future.

3. I have also read about hardware wallets but have never used them. I hope crypto assets have greater value and make me want to use hardware wallets. Now, having an account with balance only $1K but also buying a hardware wallet worth $100 is not suitable  ::)
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Offline KryptoBull

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Re: Do you continue to trust Trust Wallet?
« Reply #2 on: March 15, 2024, 09:32:16 PM »
Similar to diversifying investment portfolio, I believe we should also divide crypto assets in many places: using a few CEXs for trading and using a few crypto wallet applications, a few accounts for custody will be safer. In case the worst happens to a certain storage location, the rest is also safe. The case of Mt. Gox, Celsius, BlockFi and FTX have proven it.
The trend of self-custody has become popular after the FTX collapse, so I think choosing a crypto wallet app is just as important as choosing tokens to invest in to make a profit. Trust Wallet is really good, but the recent incident made me a bit uneasy, but normally I still believe in the ability and reputation of Trust, especially since Trust has been acquired by Binance, or Binance is behind supporting the development of Trust.

I hope Trust will not have any more serious errors. In the past, the confusion error in 2018 was also handled extremely quickly and did not cause any loss to users.

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Re: Do you continue to trust Trust Wallet?
« Reply #3 on: March 17, 2024, 11:01:34 PM »
I would like to know your views on crypto wallets:
  • Are you using TrustWallet? Will you continue to trust TrustWallet?
  • Are you using other crypto wallet apps?
  • Is a hardware wallet really necessary for your crypto investment?
1. I do not use trust wallet, it is closed source and closed source wallets are not recommended because you cannot verify how the keys was generated. However, if you store more of altcoins, trust wallet may be an option for you, though there is a recommended open source option you can try, and that is Unstoppable wallet, but they have limited coin options and also syncing issues.

2.I use Electrum and BlueWallet, but that is because i store more of BTC than altcoins.

3. Offline storage is the safest means of storing your funds, so buying a hardware wallet is a great decision for any crypto user, but you must buy open source and recommended hardware wallets, and take note that it must be bought directly from the manufacturers or approved and official resellers.
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Offline joniboini

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Re: Do you continue to trust Trust Wallet?
« Reply #4 on: March 18, 2024, 02:12:57 PM »
especially since Trust has been acquired by Binance, or Binance is behind supporting the development of Trust.
Doesn't Binance get into troubles recently? Withdrawing from some countries, the CEO face punishment, etc. While they are a popular platform and so far quite reliable when issuing compensation if there were some problems with their exchange, I wouldn't rely solely on them to protect my funds. It is a bit surprising to hear that some people still trust Binance, or Trust Wallet to some extent won't face any problem or exploit while we can't verify anything at all.

As for OP, whether you need a HW for investment or not depends on how much wealth you're trying to store, how knowledgeable your are with crypto, how disciplined you in general, etc. Most hacks or lost of funds happens because people make mistakes afaik, and the next one is because they use insecure app or wallet to store their money. HW can't save people from stupidity afterall.

Offline KryptoBull

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Re: Do you continue to trust Trust Wallet?
« Reply #5 on: March 21, 2024, 01:03:39 AM »
1. I do not use trust wallet, it is closed source and closed source wallets are not recommended because you cannot verify how the keys was generated. However, if you store more of altcoins, trust wallet may be an option for you, though there is a recommended open source option you can try, and that is Unstoppable wallet, but they have limited coin options and also syncing issues.

2.I use Electrum and BlueWallet, but that is because i store more of BTC than altcoins.

3. Offline storage is the safest means of storing your funds, so buying a hardware wallet is a great decision for any crypto user, but you must buy open source and recommended hardware wallets, and take note that it must be bought directly from the manufacturers or approved and official resellers.
TrustWallet focuses on multichain interaction, meaning users can easily store tokens and use Dapps on multiple different blockchains. I think this is an important part of driving the development of the crypto market!

To be honest, ordinary users rarely care about the technology of a crypto wallet application. As long as the application has a good history, is easy to use, convenient and has many features, they will choose it, and they have chosen TrustWallet as they have chosen CEXs to trade.

Doesn't Binance get into troubles recently? Withdrawing from some countries, the CEO face punishment, etc. While they are a popular platform and so far quite reliable when issuing compensation if there were some problems with their exchange, I wouldn't rely solely on them to protect my funds. It is a bit surprising to hear that some people still trust Binance, or Trust Wallet to some extent won't face any problem or exploit while we can't verify anything at all.
This issue belongs to the Nigerian government, they are illegally arresting people and making unreasonable demands on Binance. I stand with Binance and condemn the actions of the Nigerian government. They cannot attack an exchange to cover up their weaknesses in managing the domestic economy.

Binance and TrustWallet have a clean history and have never been accused by users of misappropriating user assets or causing users to lose crypto assets. Therefore, I will still trust the services provided by Binance and TrustWallet, although I also use other CEXs and other crypto wallet applications to diversify my risks.

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Re: Do you continue to trust Trust Wallet?
« Reply #6 on: March 21, 2024, 10:12:15 PM »
To be honest, ordinary users rarely care about the technology of a crypto wallet application. As long as the application has a good history, is easy to use, convenient and has many features, they will choose it, and they have chosen TrustWallet as they have chosen CEXs to trade.
Each to their own, and goodluck to those people who have made this choice. Like i said, i don't mind if people use trust wallet to hold as many altcoins as they want, but what i would not recommend is for people to use it to hold BTC. It is stupid to do that in my honest opinion, when there are recommended, open source and well reviewed options to choose from.
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Re: Do you continue to trust Trust Wallet?
« Reply #6 on: March 21, 2024, 10:12:15 PM »


Offline Trongduy

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Re: Do you continue to trust Trust Wallet?
« Reply #7 on: March 23, 2024, 03:48:10 AM »
I would like to know your views on crypto wallets:
  • Are you using TrustWallet? Will you continue to trust TrustWallet?
  • Are you using other crypto wallet apps?
  • Is a hardware wallet really necessary for your crypto investment?
1. I haven't used Trust Wallet yet, but I'm considering using it. However, after hearing about this incident, I'm a bit scared. I might choose another wallet that hasn't had any issues related to user asset security.

2. I'm currently using Coin98 Wallet: it's temporarily safe even though it has some issues with hardware requirements and the user experience is not always as good as expected.

3. I'm currently investing in crypto to make a profit, but I don't have enough money to buy a hardware wallet yet. I think that as long as I manage my private key well, I don't need to spend a lot of money on a hardware wallet.
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Offline KryptoBull

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Re: Do you continue to trust Trust Wallet?
« Reply #8 on: March 24, 2024, 10:59:29 PM »
1. I haven't used Trust Wallet yet, but I'm considering using it. However, after hearing about this incident, I'm a bit scared. I might choose another wallet that hasn't had any issues related to user asset security.

2. I'm currently using Coin98 Wallet: it's temporarily safe even though it has some issues with hardware requirements and the user experience is not always as good as expected.

3. I'm currently investing in crypto to make a profit, but I don't have enough money to buy a hardware wallet yet. I think that as long as I manage my private key well, I don't need to spend a lot of money on a hardware wallet.
Coin98 Wallet is also a good application and has been operating stably for a long time without any evidence of problems with users' accounts and crypto assets. Its only problem is performance.

TrustWallet is more popular because it is mentioned and recommended by many KOLs in the market, but currently I think we can choose many other wallet applications to be able to spread the risk. After all, we cannot know how many vulnerabilities have not been exploited in TrustWallet's closed source code.

Online Charles-Tim

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Re: Do you continue to trust Trust Wallet?
« Reply #9 on: May 01, 2024, 06:42:35 PM »
TrustWallet is more popular because it is mentioned and recommended by many KOLs in the market, but currently I think we can choose many other wallet applications to be able to spread the risk. After all, we cannot know how many vulnerabilities have not been exploited in TrustWallet's closed source code.
Trustwallet is close source. That should be enough reason for you not to trust it as Z-tight already posted about it. It you are referring to trust, it is better to use open source wallets which are trustless as you can read the code use for the build yourself. You do not need to trust anything but read the code yourself if you are able to. This should not be about popularity, it is should about what experienced people in the community, especially what developers that prefer open source software are recommending.
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Offline DYING_S0UL

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Re: Do you continue to trust Trust Wallet?
« Reply #10 on: May 01, 2024, 07:24:35 PM »
  • Are you using TrustWallet? Will you continue to trust TrustWallet?
  • Are you using other crypto wallet apps?
  • Is a hardware wallet really necessary for your crypto investment?
1. On my crypto journey, at the very beginning, I used TrustWallet to store my assets. I didn't understand that much at that time. Currently, I am not using TrustWallet. 
2. Yes, I am using electrum.
3. Of course it is. It should be mandatory to use. Keeping our keys safe should be our main priority. Unfortunately, where I live, crypto is banned. So there is no way to get my hands on a hardware wallet. Even if it were possible, it is highly likely that the customs would seize it.
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Re: Do you continue to trust Trust Wallet?
« Reply #11 on: July 10, 2024, 02:44:23 PM »
Trustwallet is close source. That should be enough reason for you not to trust it as Z-tight already posted about it. It you are referring to trust, it is better to use open source wallets which are trustless as you can read the code use for the build yourself. You do not need to trust anything but read the code yourself if you are able to. This should not be about popularity, it is should about what experienced people in the community, especially what developers that prefer open source software are recommending.
I understand that closed-source applications often carry many risks, but TrustWallet has been used and verified by millions of users. It is also developed and supported by Binance, so I think I will continue to put my faith in TrustWallet.

Of course, I will still use a few other crypto wallet applications to self-custody my crypto assets, especially as the uptrend is coming and the tokens in my account will soon become more valuable.

 

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