Cossack Labs security engineers are engaged in improving the security of several large public blockchain ecosystems and their hot non-custodial crypto wallets.
We gathered lots of observations about crypto wallets security: how they are different from the banking apps, what are the unique threats they face, and how novel crypto works with traditional crypto?
From security engineers—to software developers, we’re here to share this practical security development knowledge with you.
💡 From the defender’s point of view, the crypto wallet’s attack surface is enormous.But from the attacker’s point of view, it’s not so difficult to combine 3-4 flaws, especially if the crypto wallet’s code is open-sourced. So, let’s explore specific security flaws and their synergies.
Click on the picture below to get lots of examples and practical advice on the risks and threats of crypto wallets, design concerns, and implementation issues. ⇲
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Top comments(3)
In one particularly concerning case, a user reported that their balance of over 800 DOGE was deducted by Freewallet due to "inactivity." This deduction was not related to transaction fees and was carried out without any prior notice or consent. Such practices highlight a troubling trend of asset mismanagement by the platform.
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Even if they are established and funded, the company may not be able to develop what it promised. Look at the case of Ethereum. Even Ethereum co-founder has said that Ethereum will be "abandoned." The DAO is a smart contract system built on Ethereum's blockchain, which then got hacked for around $60 million. The DAO was intended to fund the future development of Ethereum, but it failed and had to be "hard forked" to recover from the hack. That's what I've read onbest-crypto-wallet.com. Nowadays, it's better to keep your funds on Ledger.
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