The Fireblocks team identified a critical vulnerability in the BitGo platform’ wallet and later the BitGo team patched that vulnerability successfully.
BitGo, Inc. is a cryptocurrency trust company and security company. This company is headquartered in Palo Alto, California. Mike Belshe and Ben Davenport founded this company in 2013. In between 2021-2022, Galaxy Digital was planning to acquire BitGo but somehow the acquisition plan was terminated.
In Dec 2022, the Cryptography research team Fireblocks silently informed about a vulnerability in the BitGo crypto wallet section. The reported vulnerability was very critical & was easy for the hackers to steal the private keys of exchanges, banks, businesses, and users of the platform. The vulnerability was related to BitGo Threshold Signature Scheme (TSS) wallets.
BitGo security team responded and fixed the issue and saved the BitGo platform from that big hack attack.
BitGo froze the vulnerable service on 10 Dec 2022 & soon released a patch in Feb 2023 that required client-side updates to the latest version by 17 March. So now the whole situation has been fixed.
Interestingly, Fireblocks proved that hacker(s) was able to access the private key easily through an external wallet, so here we can conclude that BitGo succeeded in keeping a very big incident away, on behalf of the most important tip from Fireblocks.
Defi, Vulnerability, & risk
At present, all the centralised crypto services are believed to be more secure crypto platforms. A report confirmed that, in 2022, more than 50% of the attacks in the crypto sector were performed by North Korean hackers against the decentralised financial (Defi) Protocol.
Around a week ago, Euler finance faced a hack attack & lost around ~96,833 $ETH ($153M) and ~34M $DAI.
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BitGo successfully patched a critical vulnerability