Research group Fireblocks has disclosed several vulnerabilities that could affect wallets using multi-party computation (MPC) technology providers.
The company explained that the BitForge vulnerabilities had affected some of the most important wallet providers, like Coinbase, Zengo, and Binance.
Fireblocks’s researchers added that the vulnerabilities could allow hackers and malicious insiders to take funds from the wallets of millions of retail and institutional users.
“It is evident from our findings that not all MPC developers and teams are created equal. Companies leveraging web3 technology should work closely with security experts with the know-how and resources to stay ahead of and mitigate vulnerabilities.”
Pavel Berengoltz, Fireblocks co-founder
The Fireblocks’s research team worked on patching the found vulnerabilities. They explained that Coinbase WaaS and Zengo were the best at handling the situation and ensuring their users were protected.
Besides Coinbase, Waas, Zengo, and Binance, other wallet providers were impacted by the BitForge vulnerability. Fireblock published the BitForge Status Checker so that companies could check their current status regarding the vulnerabilities found.