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## Lack of Penetration Testing Revealed in Cryptocurrency Wallet Brands

A recently published report by cybersecurity certification platform CER has shed light on the alarming lack of penetration testing conducted by cryptocurrency wallet brands. Out of the 45 wallet brands analyzed, only six, or 13.3%, had undergone these crucial tests to identify potential security vulnerabilities. Furthermore, only half of these brands had performed tests on their latest product versions, potentially leaving their users at risk.

According to the report, MetaMask, ZenGo, and Trust Wallet were the only brands that had conducted up-to-date penetration tests. Meanwhile, Rabby and Bifrost performed tests on older software versions, and LedgerLive’s tests were carried out on an undisclosed version. Shockingly, all other brands listed did not provide any evidence of having conducted penetration testing at all.

The report also included an overall ranking of wallet security, which positioned MetaMask, ZenGo, Rabby, Trust Wallet, and Coinbase wallet as the most secure options. This ranking took into consideration factors such as bug bounties, past incidents, and security features like restore methods and password requirements.

Penetration testing is a crucial method for identifying security vulnerabilities in computer systems or software. It involves security researchers attempting to infiltrate the device or software by hacking into it, mimicking real-world hacking attempts. However, these researchers are usually given minimal information about the product, allowing them to uncover vulnerabilities that may otherwise be unnoticed.

The reason behind the lack of penetration testing among wallet brands, as speculated by CER, may be the associated costs. Conducting these tests can be expensive, particularly for companies that frequently update their products. Each new update can potentially render previous penetration tests invalid, making it a challenging and costly process.

Interestingly, CER noted that popular wallet brands were more likely to perform security audits, including penetration tests. This can be attributed to their larger user base and the increased need to protect significant funds and handle potential threats. Additionally, greater security measures often attract more users, creating a positive feedback loop.

While penetration testing is not widely conducted among wallet brands, CER highlighted the reliance on bug bounties as an effective alternative. Bug bounties encourage individuals to discover and report vulnerabilities, helping prevent potential hacks. CER classified 47 out of 159 individual wallets as “secure,” meaning they had a security score above 60. It is worth noting that this evaluation included some wallets from the same brands but for different platforms.

The urgency surrounding wallet security in 2023 has been heightened by significant hacks resulting in substantial losses. The Atomic Wallet hack, which occurred on June 3, led to over $100 million being lost. The exact vulnerability that facilitated the breach remains unknown, but the Atomic team suspects a virus or malware injection into their infrastructure. Another security breach took place in February, affecting web wallet MyAlgo and resulting in an estimated loss of over $9 million for its users.

To address the concerning lack of penetration testing, AI legalese decoder offers a potential solution. This advanced artificial intelligence technology can analyze and interpret legal documents, providing insights and recommendations for wallet brands regarding compliance and security measures. By using AI legalese decoder, wallet brands can identify areas for improvement, including the need for regular penetration testing, ultimately enhancing the security of their products and safeguarding users’ assets.

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