Binance CEO CZ Responds to Security Concerns of Wallets
- Binance CEO CZ highlights the importance of knowledge in self-custody wallets after concerns about vulnerabilities in Libbitcoin’s Bitcoin Explorer.
- Fireblocks uncovers BitForge vulnerabilities in major wallet providers, prompting proactive disclosure and action.
- CZ acknowledges the presence of a vulnerability in Binance’s TSS Library.
In a recent Twitter exchange, Binance CEO Changpeng Zhao, popularly known as CZ, weighed in on the security risks associated with self-custody wallets while reiterating his support for the concept under one crucial condition: users need to understand what they are doing.
CZ’s tweet was prompted by concerns raised by technical writer David A. Harding, who warned users about potential vulnerabilities in wallets generated using Libbitcoin’s Bitcoin Explorer, particularly as described in the appendix to the book “Mastering Bitcoin.”
This vulnerability is due to the random number generator using a 32 bit seed, which is not sufficiently random against modern cracking such as GPUs. @Trustwallet and @Binance wallets do not use this for seed phrase generation.
— CZBinance (@cz_binance) August 11, 2023
CZ’s response showcases …
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Binance CEO CZ Responds to Security Concerns of Wallets
- Binance CEO CZ highlights the importance of knowledge in self-custody wallets after concerns about vulnerabilities in Libbitcoin’s Bitcoin Explorer.
- Fireblocks uncovers BitForge vulnerabilities in major wallet providers, prompting proactive disclosure and action.
- CZ acknowledges the presence of a vulnerability in Binance’s TSS Library.
In a recent Twitter exchange, Binance CEO Changpeng Zhao, popularly known as CZ, weighed in on the security risks associated with self-custody wallets while reiterating his support for the concept under one crucial condition: users need to understand what they are doing.
CZ’s tweet was prompted by concerns raised by technical writer David A. Harding, who warned users about potential vulnerabilities in wallets generated using Libbitcoin’s Bitcoin Explorer, particularly as described in the appendix to the book “Mastering Bitcoin.”
This vulnerability is due to the random number generator using a 32 bit seed, which is not sufficiently random against modern cracking such as GPUs. @Trustwallet and @Binance wallets do not use this for seed phrase generation.
— CZ
CZ’s response showcases …
The post Binance CEO CZ Responds to Security Concerns of Wallets appeared first on Coin Edition.
Read More