For greater control and security, we consider managing our crypto in a personal crypto wallet instead of leaving it on CEXs. To interact directly with blockchains and manage crypto, we need a crypto wallet application. In the past, I used the MEW website for Ethereum account management. Since 2020, I've preferred mobile apps, specifically TrustWallet on iOS. I still rely on it on my old iPhone for occasional crypto trades.
While I've enjoyed using TrustWallet as a regular user - it's fast, user-friendly, and supports a wide range of blockchains
[1] - recent security concerns require attention: SECBIT Labs, a security research firm (not affiliated with the SEC), identified a potential vulnerability in TrustWallet's iOS app. This issue allegedly stemmed from code using functions meant only for testing. These functions could have generated weak private keys, making it easier for attackers to steal crypto from affected accounts. The timeframe in question is for wallets created between February and August of 2018
[2].
While I'm glad I missed the 2018 TrustWallet vulnerability, it raises concerns about potential unknown issues. After all, even established hardware wallets like Ledger had problems recently
[3].
While I've been a loyal TrustWallet user, recent events have prompted me to diversify my crypto storage. I'm trying out SafePal on iOS for additional security. Hardware wallets have also piqued my interest, and I plan to research and invest in one soon using some of my uptrend gains. There's no denying the convenience of mobile crypto wallets, but it's a trade-off for the enhanced security hardware wallets offer.
I would like to know your views on crypto wallets:
- Are you using TrustWallet? Will you continue to trust TrustWallet?
- Are you using other crypto wallet apps?
- Is a hardware wallet really necessary for your crypto investment?
References:[1]
Trust Wallet Review 2024 – Everything You Need to Know[2]
Old Trust Wallet iOS vulnerability from 2018 may still affect some accounts[3]
What We Know About the Massive Ledger HackI have TrustWallet, but I don’t use it often. My main wallet is MetaMask since it’s super convenient for Web3 apps and supports multiple networks.
When it comes to security, hardware wallets (smth like Ledger or Trezor) are the safest option for long-term storage. Since they’re offline, the risk of hacks is way lower.
It’s interesting how even the most popular wallets had issues in the past:
- TrustWallet – vulnerability in 2018 due to weak private keys.
- Ledger – customer data leak in 2020 (led to phishing attacks).
- MetaMask – multiple fake versions on the App Store...
In general, mobile wallets are great for quick transactions, but for serious security, it’s best to use a mix: MetaMask for daily use and a hardware wallet to keep funds safe.