Edge, a cryptocurrency wallet provider, announced on February 20, 2023 that it had suffered a security breach that affected a limited number of its users. Here are the details…
Cryptocurrency platform announces security breach
The security breach compromised less than 0.01 percent of the total keys generated on the Edge platform. That is, it affected the private keys of about 2000 users. This issue was caused by a user selecting one of the ten options available on the “Buy” or “Sell” tabs in the bottom navigation bar and then choosing the “Load logs” option. A vulnerability was discovered in the Edge app that leaked private keys when it uploaded logs via this option.
The breach resulted in a single user’s Bitcoin wallet being drained. However, due to the limited number of funds reported missing (currently a low five-figure sum), the company believes the scope of the incident is very limited and could be a targeted attack on affected users. The company urged all Edge users to update to the latest version of Edge (v3.3.1), which fixes all known vulnerabilities involving wallet private keys and immediately deletes all sessions prior to the issue.
Research into the problem continues
The company continues its investigation, including deep forensics, to determine whether the malware has access to the unencrypted private keys on the disk. To secure their funds, the company advised users to create new wallets in their existing accounts and transfer funds from old wallets to newly created wallets. Users who never used the buy/sell options were not affected by this vulnerability. Users using only Visa/MasterCard/Apple Pay/Google Pay buy/sell options that automatically redirect to Banxa, Simplex or Moonpay were also unaffected.
As soon as the company became aware of the incident, it activated the critical “vulnerability response protocol” and the timeline of the events was announced. The Edge team has started developing a new feature to alert users if wallet keys based on matching public address have been uploaded to Edge log servers. As a result, the security breach that Edge suffered was caused by a vulnerability in the Edge app that leaked private keys when a user selected one of the ten options available in the “Buy” or “Sell” tabs in the bottom navigation bar and then uploaded the logs.
The company urged all its users to update to the latest version of Edge and create new wallets on their existing accounts to secure their funds. So the scope of the security breach appears to be limited and there may be a targeted attack against the affected users. As a result, Edge’s EDGE token has lost close to 4 percent in the last 24 hours. As can be seen in the chart below, the cryptocurrency suddenly fell.
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