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.
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.
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.