Is trust wallet secure?

[NikeFit_7777]

Trust wallet has a very nice user interface and it's easy to use but it's not secure because it's a closed source wallet. The fact that there are lesser persons looking through the codes constitute a security risk, a hacker can exploit a bug and steal your funds. A good alternative for trust wallet is unstoppable wallet, which is an open source wallet. It supports multiple coins and also can interact with defi services via walletconnect.

So why is it unsafe for everyone?    Never had any problems, since 2020 (since the giveaway). Started using this wallet. Is it normal for Leadger (for example) to store users' seed phrases in other campaigns? As far as I'm concerned, it's not normal. Anyway, for me Trust is the most convenient + practical crypto wallet I use/will use. And most importantly (for me personally), you don't have to spend money to use the wallet.

P.S. I'm not imposing my thoughts. If something doesn't suit you = simply don't use it. Or, option another more popular wallet. 

[joniboini]

So why is it unsafe for everyone?    Never had any problems, since 2020 (since the giveaway). Started using this wallet. Is it normal for Leadger (for example) to store users' seed phrases in other campaigns? As far as I'm concerned, it's not normal. Anyway, for me Trust is the most convenient + practical crypto wallet I use/will use. And most importantly (for me personally), you don't have to spend money to use the wallet.

I think the quoted post already explains the reason why, no? It is a closed-source wallet, nobody knows exactly how the wallet works, who's to say they don't record sensitive data like Ledger did or do something else with the analytics? Even if you never had any problem with it, it doesn't guarantee the wallet is safe either. What would you do if, in the end, they recorded your private key? Please do remember the tradeoff between security and ease of use is also important. If being free is one of your reasons to start using a wallet, there are tons of alternatives out there too.

[NikeFit_7777]

I think the quoted post already explains the reason why, no? It is a closed-source wallet, nobody knows exactly how the wallet works, who's to say they don't record sensitive data like Ledger did or do something else with the analytics? Even if you never had any problem with it, it doesn't guarantee the wallet is safe either. What would you do if, in the end, they recorded your private key? Please do remember the tradeoff between security and ease of use is also important. If being free is one of your reasons to start using a wallet, there are tons of alternatives out there too.

Don't get me wrong, I'm not strongly defending this wallet and I'm certainly not encouraging you to use it (everything is purely optional). In my situation, it's just easier to use this wallet (and a few other similar ones) than to spend money on cold wallets. But that doesn't mean that for anyone else, it has to fit. Again, in terms of safety = I'm personally absolutely fine with it. If there are no others, then don't use it.

P.S. Leadger, stores users' seed-phrase - in obscure campaigns. There's no guarantee of safety either.

The news broke today, "The U.S. National Institute of Standards and Technology is investigating Trust Wallet for iOS for a vulnerability that could potentially be used to steal funds from crypto wallets."

Source: https://t.me/hodlchat/178877

[ABCbits]

The news broke today, "The U.S. National Institute of Standards and Technology is investigating Trust Wallet for iOS for a vulnerability that could potentially be used to steal funds from crypto wallets."

Source: https://t.me/hodlchat/178877

I don't speak Russian, but that Telegram doesn't seem to explain in detail. According to Coindesk report[1], the vulnerability is about generating weak recovery words which can be brute-forced easily. Although looking at direct source, it affect old version of trust wallet which published on 2018[2].

[1] https://www.coindesk.com/tech/2024/02/15/us-cyber-authorities-investigate-binance-trust-wallet-ios-app-for-vulnerabilities/
[2] https://secbit.io/blog/en/2024/01/19/trust-wallets-fomo3d-summer-vuln/

[dkbit98]

I don't speak Russian, but that Telegram doesn't seem to explain in detail. According to Coindesk report[1], the vulnerability is about generating weak recovery words which can be brute-forced easily. Although looking at direct source, it affect old version of trust wallet which published on 2018[2].

Because they switched to closed source after that, but it has been confirmed that people lost money because of this.
I always told people to stop using junk wallets like this, but they decided to ''trust'' it because it was supported by binance exchange
Stay away from trust , and all other closed source wallets

Open source alternatives:

Mobile Wallets:

• OneKey mobile wallet
• Stack mobile wallet ^{(coin control, tor)}

• Komodo mobile wallet
• Cake mobile wallet  ^{(coin control, tor)}

• Unstoppable mobile wallet
• Mycelium mobile wallet
• Coin wallet mobile

[ABCbits]

I don't speak Russian, but that Telegram doesn't seem to explain in detail. According to Coindesk report[1], the vulnerability is about generating weak recovery words which can be brute-forced easily. Although looking at direct source, it affect old version of trust wallet which published on 2018[2].

Because they switched to closed source after that, but it has been confirmed that people lost money because of this.
I always told people to stop using junk wallets like this, but they decided to ''trust'' it because it was supported by binance exchange
Stay away from trust , and all other closed source wallets

Yeah, i'm aware they were open source for very short duration. Anyway, news i mentioned above also state this which means Trust wallet not really supported by Binance.

"Trust Wallet is now a separate legal entity that is not part of the Binance group and operates independently from Binance.com," a Binance spokesperson said in an email.

[Freemind]

@NikeFit_7777, just because you've never had any problems with Trust Wallet doesn't mean there aren't security issues that haven't been discovered to date for various reasons. The field of cybersecurity is very extensive, and all programs and applications should be taken to the extreme with all types of attacks as a test to launch them to the public, something that unfortunately is not always done. There are no 100% safe programs, since when updating them the failures and errors can be many and very serious. That's why it's always a good idea to test instead of just thinking about release dates.

[dkbit98]

Yeah, i'm aware they were open source for very short duration. Anyway, news i mentioned above also state this which means Trust wallet not really supported by Binance.

And you really believe that BS statement?! 
They purchased both Trust wallet and CoinMarketCrap, so it doesn't really matter what happened after.
Important thing is that license was changed to closed source, just the way binance likes it.

Fellow Binancians,

Binance has completed the acquisition of Trust Wallet, a secure and intuitive mobile wallet. Through this acquisition, Binance aims to provide a better service and to enhance the safety for all of our users.

Trust Wallet (trustwallet.com ) is a secure, open source, decentralized and anonymous Ethereum wallet application that supports Ethereum and over 20,000 different Ethereum based tokens (ERC20, ERC223 and ERC721), seeing significant user adoption since its launch in November 2017. The company has built a reputation for security and has held itself to the guiding principles that it will never access user wallets, hold private keys, and ask for personal information.

The acquisition of Trust Wallet will add an on-chain mobile wallet to the list of Binance services with other future integration possibilities. The Trust Wallet brand and team will retain the autonomy and freedom to develop the core product while benefiting from the increased synergy from Binance, including the broad user base and the upcoming DEX.

As a technology driven company, Binance’s acquisition of Trust Wallet shows the importance of secure wallet technology for the future development of cryptocurrency as a whole. As Binance’s first public acquisition, we hope to continue providing our users with improved security, services and support.

Thanks for your support!

Find out more about what is trust wallet on Binance Academy

Binance Team

https://www.binance.com/en/support/announcement/binance-acquires-trust-wallet-a-secure-mobile-crypto-wallet-360010790652

And here is trust crap working with binance pay in November 2023:
https://trustwallet.com/blog/how-to-use-binance-pay-with-trust-wallet

[ABCbits]

Yeah, i'm aware they were open source for very short duration. Anyway, news i mentioned above also state this which means Trust wallet not really supported by Binance.

And you really believe that BS statement?! 

--snip--

I never say anything about believing their statement. What i want to emphasize is, it's another reason not to trust or use Trust Wallet since it's clear Binance want to avoid taking responsibility while continue to make Trust Wallet promote Binance.

[NikeFit_7777]

@NikeFit_7777, just because you've never had any problems with Trust Wallet doesn't mean there aren't security issues that haven't been discovered to date for various reasons. The field of cybersecurity is very extensive, and all programs and applications should be taken to the extreme with all types of attacks as a test to launch them to the public, something that unfortunately is not always done. There are no 100% safe programs, since when updating them the failures and errors can be many and very serious. That's why it's always a good idea to test instead of just thinking about release dates.

P.S. So I'm not trying to change anyone's mind. This is a forum, we discuss + share our personal opinions. If someone thinks otherwise, that is absolutely their right. 

Sorry, if we think globally, there is nowhere safe for our funds in cryptocurrency in general. Not exchanges, not crypto wallets, not various projects, etc. - don't guarantee safety.

+ I failed to mention, I always stick to diversification. If there was a hack/problem at the Trust tomorrow, I would absolutely be sympathetic to it. (But that doesn't mean you have to hold the same opinion as I do.)

[Freemind]

P.S. So I'm not trying to change anyone's mind. This is a forum, we discuss + share our personal opinions. If someone thinks otherwise, that is absolutely their right. 

Sorry, if we think globally, there is nowhere safe for our funds in cryptocurrency in general. Not exchanges, not crypto wallets, not various projects, etc. - don't guarantee safety.

+ I failed to mention, I always stick to diversification. If there was a hack/problem at the Trust tomorrow, I would absolutely be sympathetic to it. (But that doesn't mean you have to hold the same opinion as I do.)

I know you are not trying to change anyone's opinion and we are here to debate different points of view, that is how a forum grows. In my post I only said that any software can have security problems and that nothing is 100% secure, we must also keep in mind that security is proportional to the use of the software or devices by users, and I know very well that the majority of users do not comply with even the most basic security standards, many of them due to laziness and others because they do not have basic knowledge. Although acquiring this knowledge is the obligation of each user since the necessary information is public.

[NikeFit_7777]

I know you are not trying to change anyone's opinion and we are here to debate different points of view, that is how a forum grows. In my post I only said that any software can have security problems and that nothing is 100% secure, we must also keep in mind that security is proportional to the use of the software or devices by users, and I know very well that the majority of users do not comply with even the most basic security standards, many of them due to laziness and others because they do not have basic knowledge. Although acquiring this knowledge is the obligation of each user since the necessary information is public.

I use the basic principles on a regular basis. + Sometimes I read interesting articles on this topic, or read people's stories + draw conclusions from them, how not to lose my (personal) funds. If you have had any interesting situations in this direction. I would be grateful if you could tell me about them. 

That's an interesting update: "Trust Wallet will add a feature to pay for gas with third-party tokens and discounts on TWT payment fees."

Official source: https://trustwallet.com/uk/blog/twt-gas-fee-discount
From where I read this news item: https://t.me/hodlchat/179139

[Freemind]

I use the basic principles on a regular basis. + Sometimes I read interesting articles on this topic, or read people's stories + draw conclusions from them, how not to lose my (personal) funds. If you have had any interesting situations in this direction. I would be grateful if you could tell me about them. 

That's an interesting update: "Trust Wallet will add a feature to pay for gas with third-party tokens and discounts on TWT payment fees."

Official source: https://trustwallet.com/uk/blog/twt-gas-fee-discount
From where I read this news item: https://t.me/hodlchat/179139

The option to pay fees with third-party tokens may be positive, but the success and usability of that option for users could also be limited. I think it depends a lot on what token is used and its current market value, since it could happen that the price goes up and the whole process becomes a spiral. We could also say that eliminating an expense by creating a new one is not a solution to the current problem, which is why the factors that I have mentioned are very important.

[MUGNIA]

That's an interesting update: "Trust Wallet will add a feature to pay for gas with third-party tokens and discounts on TWT payment fees."

Official source: https://trustwallet.com/uk/blog/twt-gas-fee-discount
From where I read this news item: https://t.me/hodlchat/179139

If the third party option is more expensive than before I think this will not work in the future, people will use the old option for shipping costs later.

However, as long as I use TrustWalet, I haven't experienced any problems and I hope I never have problems

[NikeFit_7777]

The option to pay fees with third-party tokens may be positive, but the success and usability of that option for users could also be limited. I think it depends a lot on what token is used and its current market value, since it could happen that the price goes up and the whole process becomes a spiral. We could also say that eliminating an expense by creating a new one is not a solution to the current problem, which is why the factors that I have mentioned are very important.

So what are the limitations? On the contrary, it's convenient. Believe me, in a few months absolutely all (popular) crypto wallets will add this feature. I, as an active user of this wallet - on the contrary, am only happy about this update. Overall, with each update it becomes easier and easier to use all of the Trust's features. In any case, at the time of transaction fees, it's worth looking at whether it's profitable (at the moment) or not. + you get a discount for paying TWT.

P.S. Has anyone used this feature? Me personally, not yet.