Coinbase Dev Says Wallet Users Should Update Their iPhones

Coinbase dev says that crypto wallet users should start updating their iPhones because there were newly found vulnerabilities in iOS that could compromise mobile crypto wallets so let’s find out more in our latest coinbase news.

The tech giant released the update on its mobile operating system to address the latest security flaw that could threaten the security of mobile crypto wallets so the Coinbase dev says that the users have to update their devices. Apple released the updates to its iPadOS and iOS mobile operating systems after the company confirmed reports of vulnerabilities that will threaten mobile wallets. The vulnerabilities are connected to a remote arbitrary code execution which means that the malicious actors will be able to gain remote administrative access to a target system.

⚠️ If you are using a mobile crypto wallet on an iOS device, be sure to update iOS as soon as possible! The update includes a fix for a remote arbitrary code execution vulnerability that may have been actively exploited.https://t.co/qyK9eygST4

— Pete Kim (@petejkim) January 26, 2021

The company responded to the flaw and rolled out new fixes for iOS 14.4 and iPadOS 14.4 while still recommending users to update the devices to the latest version. This is extremely important for people that regularly use mobile crypto wallets  as Pete Kim who is the engineer of the wallet said:

 “If you are using a mobile crypto wallet on an iOS device, be sure to update iOS as soon as possible! The update includes a fix for a remote arbitrary code execution vulnerability that may have been actively exploited.”

According to Apple, the flaws may have been exploited but the full extent of the flaws was not disclosed yet. The new updates are addressing the flaws discovered in the WebKit engine by Apple which is an open-source web browser used by the AppStore, Mail, and Safari. The third one related to the kernel in affected devices and it is described as allowing a malicious actor application to higher privileges.
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Security research manager at ZenGo Tal Be’ery said:

 “I can only speak on the security of our product, but if a product only relies on the security of the iOS device then they are probably in trouble.”

He noted Apple didn’t share more details so we can’t know what the possible risks were as Tal Be’Ery noted:

 “From the threat modelling perspective, these kinds of vulnerabilities are usually used by a nation state attacker to hack their adversaries and cost millions. However, we believe that due to additional security measures we included in our product, which are independent of the device security, our customers are not at immediate risk.”