As a long-term crypto investor with a keen interest in security, I find myself closely monitoring developments related to Trust Wallet and its recent run-ins with tech giants Google and Apple. The temporary removal of Trust Wallet from the Google Play Store understandably caused unease among users, leading to a sharp decline in TWT’s value. However, the subsequent clarification from Trust Wallet that the incident was unrelated to the FBI circular was reassuring.
As a crypto investor, I was taken aback when Trust Wallet, the crypto storage solution endorsed by Binance, suddenly disappeared from the Google Play Store on the 29th of April.
Following the announcement, Trust Wallet’s token TWT experienced a 5% decrease in value as users grew concerned about why Google suddenly suspended the app without providing a public explanation. Some market speculators hypothesized that this action could be linked to an FBI bulletin from last week, advising against using unregistered Know Your Customer (KYC) platforms and solutions.
In response to public confusion on social media, crypto.news contacted the representative of the self-custodial wallet manufacturer for clarification. The company representative explained via email that prompt action had been taken to address the issue at hand. Contrary to some assumptions, the FBI notice did not trigger Google’s initial decision. At the time of reporting, TWT was in the process of recovering from its recent decline as indicated by CoinMarketCap.
“We recently appealed Google’s policies concerning an issue with our Trust Wallet app. I’m pleased to share that good news – the app is now available once more on the Google Play Store.”
Trust Wallet spokesperson
Trust Wallet security concerns
Although Google’s sudden action appears unconnected to the FBI’s recent announcement, the wallet provider could still be dealing with ongoing issues related to security concerns. Early this month, the wallet firm alerted Apple users about a zero-day vulnerability in the default iOS messaging app. They advised disabling iMessage until a solution is found.
In February, the National Institute of Standards and Technology (NIST) revealed that they were investigating a security issue discovered in Trust Wallet’s iOS app.
The US Department of Commerce’s NIST agency declined to verify if a reported vulnerability in iMessage was linked to the security incident. Simultaneously, it was disclosed that this revelation occurred around a month after hackers had successfully penetrated a third-party service provider for crypto wallets. However, no user information was found to have been accessed during the breach.
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2024-04-29 17:54