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.