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BitGo Users Urged to Update Wallets Following Critical Security Patch

BitGo Users Urged to Update Wallets Following Critical Security Patch

BitGo, a cryptocurrency wallet, has fixed a serious vulnerability in its Threshold Signature Scheme (TSS) wallets.

The flaw was discovered by the cryptography research team Fireblocks in December 2022, who then alerted the BitGo team.

Dubbed the BitGo Zero Proof Vulnerability, the flaw could potentially expose private keys of exchanges, banks, businesses, and users of the platform.

According to Fireblocks, the vulnerability could allow attackers to extract a private key in under a minute using a small amount of JavaScript code. This highlights the importance of regularly checking for software updates and implementing strong security measures when using cryptocurrency wallets.

BitGo suspended the vulnerable service on December 10 and released a patch in February 2023 that required client-side updates to the latest version by March 17.

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Fireblocks has warned users to consider creating new wallets and moving funds from ECDSA TSS BitGo wallets prior to the patch.

Similar wallet hacks have been common in recent years, including the August 2022 $8 million drained from over 7000 Solana-based Slope wallets and the over $9 million drained from high-profile wallets in the Algorand network wallet service MyAlgo.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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