ScaleBit, a subsidiary of security firm BitsLab, has identified a potential vulnerability in Uniswap's Web3 wallets that could put all stored assets at risk.
In a statement, ScaleBit warned that attackers with physical access to a device could bypass authentication measures and directly extract the wallet's mnemonic phrase.
Also known as a seed phrase, this 12–24 word sequence grants full control over a wallet’s assets, making its exposure a critical security concern.
ScaleBit said:
“[A]nyone with access to an unlocked device can obtain the wallet's mnemonic phrase in under three minutes."
Adding that:
“…this version persists even in the latest version of the app.”
ScaleBit said Uniswap Wallet users should avoid lending devices to others as a precautionary measure until the vulnerability is patched.
In 2024, cybersecurity breaches in cryptocurrency led to a 40% increase in losses, reaching approximately $2.3 billion, according to Cyvers.
Deddy Lavid, Cyvers' co-founder and CEO, attributed the rise to a surge in access control breaches, particularly within centralised exchanges (CEXs) and crypto custodians.
However, the trend showed signs of slowing towards the end of the year.
December witnessed a significant drop in stolen funds, with $28.6 million in reported losses, compared to $63.8 million in November and $115.8 million in October, according to CertiK.
Similarly, PeckShield reported a 71% decrease in hack-related losses in December, amounting to $24.7 million.
Retik Finance (RETIK) captures the crypto spotlight, securing over $6 million in a presale that sold out ahead of schedule. The project's revolutionary features, including Retik Pay and the DeFi Debit Card, signify its potential to reshape the DeFi landscape and redefine user interactions with digital assets.
JoyScammers posing as crypto journalists on X use fake Calendly links to hijack accounts, spreading phishing links. Security experts warn of this trend targeting Chinese-speaking users, urging caution and prompt removal of suspicious access.
JoyMAS in Singapore has added imToken and BKEX to its Investor Alert List, intensifying its regulatory oversight on cryptocurrencies after actions against Binance in 2021. This move underscores MAS's commitment to investor protection and signals ongoing strict scrutiny of the crypto landscape in Singapore.
JoyPancakeSwap executes a significant token burn, eliminating 8.7 million CAKE tokens worth $25 million, aligning with its long-term DeFi stability vision. This strategic move involves community participation, reducing the token supply and potentially driving up CAKE's value beyond $100 million.
JoyXRP crosses five million active accounts, indicating increased trust and market growth.
KikyoCleanSpark plans to acquire 160,000 Bitcoin miners by 2024, aiming to increase its hash rate by 400% and prepare for future market fluctuations.
BrianProBit Global lists LIMO, enhancing Limoverse's health-focused blockchain ecosystem's reach and potential.
AlexRipple sponsors DEC24, joining forces with leading financial experts, signifying its influential role in digital currency's future.
KikyoThe proposed XRP ETF, potentially launching this year with BlackRock at the helm, reflects the growing integration of cryptocurrencies into mainstream finance, awaiting crucial legal verdicts.
BrianImToken is the entity behind the software cryptocurrency wallet and the hardware crypto wallet imKey.
Alex
