Can trustwallet be hacked. can the owners take money of all the users?

[Riocasino]

Can trustwallet be hacked. can the owners take money of all the users?
Is it possible scanario that wallets like Trustwallet Blockchain info Exodus etc have control on the users funds?

[hosseinimr93]

All the wallets you mentioned are close source and there is no way to know whether they have access to users keys or not.
Since we don't know how the keys are generated, everything is possible. It's possible that there's a vulnerability that help the hackers steal users fund.  

[Riocasino]

All the wallets you mentioned are close source and there is no way to know whether they have access to users keys or not.
Since we don't know how the keys are generated, everything is possible. It's possible that there's a vulnerability that help the hackers steal users fund.  

Blue wallet is 100% safe because is opened source and no vulnerability?

What about Trezor or Ledger nano  are they 100% safe or there is cach?

[OmegaStarScream]

Blue wallet is 100% safe because is opened source and no vulnerability?

It's as safe as your device. If your phone is infected with malware, you can't expect your wallet to remain safe but yes, the developers of the wallet cannot access everyone's funds.

[hosseinimr93]

Blue wallet is 100% safe because is opened source and no vulnerability?

Blue wallet is open-source and if it's used in the correct way, your fund would be safe.
Note that if you want your wallet to be completely secure, you should generate and use your wallet on an airgapped device. Otherwise, there's always the possibility of being hacked.

What about Trezor or Ledger nano

They are good.
With using a hardware wallet, you can be sure that your keys are always kept offline and your fund is safe.
I would prefer Trezor over Ledger. Trezor is open-source and ledger is close-soruce.

[Riocasino]

Blue wallet is 100% safe because is opened source and no vulnerability?

It's as safe as your device. If your phone is infected with malware, you can't expect your wallet to remain safe but yes, the developers of the wallet cannot access everyone's funds.

What if the developer install malware  on their new update.(lets say they make new update on 15 JAN)
Being open sources software wont allow other users to see if its infected i believe.

 what of  millions of people will download their app then they could take the funds of the users?

[Upgrade00]

What if the developer install malware  on their new update.
 and millions of people will download their app then they could take the funds of the users?

As an open source software, it is possible to verify the codes behind the platform and vulnerabilities like malwaes would be spotted.
Of course users don't always verify the code or signatures from sources where they download sensitive apps and could fall victim.

Never trust; Verify.

[Charles-Tim]

I would prefer Trezor over Ledger. Trezor is open-source and ledger is close-soruce.

Ledger Live is open source and the hardware wallet can be connected to open source wallets like Electrum, but all Ledger Nano wallet secure elements are close source which is one if the reasons to prefer Trezor. I will also prefer but use passphrase with Trezor. Ledger company also do not care about users privacy.

What if the developer install malware  on their new update.(lets say they make new update on 15 JAN)
Being open sources software wont allow other users to see if its infected i believe.

The website can be compromised by hackers and malware update can be released. But always verify the PGP signature of the wallet before downloading or updating it.

As for the developers, the vulnerability can be noticed and corrected, instead of close source wallets that no one can check their code.

[Lucius]

If you want security, then forget all desktop/mobile/online or hardware wallets and focus on cold storage. Of course, the whole thing boils down to the fact that you need a device that is not and will never be connected to the Internet, and a little knowledge about how to make cold storage in the correct way. It's just advice, of course you do everything at your own risk.

[joker_josue]

I would prefer Trezor over Ledger. Trezor is open-source and ledger is close-soruce.

Ledger Live is open source and the hardware wallet can be connected to open source wallets like Electrum, but all Ledger Nano wallet secure elements are close source which is one if the reasons to prefer Trezor. I will also prefer but use passphrase with Trezor. Ledger company also do not care about users privacy.

I've also heard that it was possible to hack, with physical access to the equipment, a Trezor. But there is no record that anything ever happened to a Ledger.

Therefore, both have their advantages and disadvantages.

[FatFork]

What if the developer install malware  on their new update.(lets say they make new update on 15 JAN)
Being open sources software wont allow other users to see if its infected i believe.

 what of  millions of people will download their app then they could take the funds of the users?

Well, that threat always exists, just like with any other software. A software developer might sneak some malware into an upgraded version of their software, but with open source, software will always have a bit more transparency than closed-source, since any user can see the code and check for potential issues. That means other developers and users can check the source code for any potential issues or malicious code and alert the community. That's the benefit of open source software. Not only does it allow any programmer with the ability to improve upon the source code, it also means that there are many people looking at the source code for vulnerabilities and flaws to report. There is strength in numbers, after all, and open source projects are no exception.

[mk4]

What if the developer install malware  on their new update.(lets say they make new update on 15 JAN)

Quite difficult to do due to the slightly better privacy features of newer Android and iOS operating systems. But it's definitely possible and definitely a risk.

Being open sources software wont allow other users to see if its infected i believe.

Of course. Not every user can verify source code. But it only takes one or a few developers to see the bug/malicious code and publicize it to get people to stray away from the software.

what of  millions of people will download their app then they could take the funds of the users?

They could. Hence why a wallet being open source is very important.

[Oneandpure]

I don't think have scenario about the owner will take fund for their user saving assets in trustwallet, seems impossible thing having developer want to give bad reputation for their platform have building for long term and spent much money, knowledge and actually they have spent their time.

Trustwallet most safety placed for saving assets due has own controlling with seed phrase than alternative way when saving cryptocurrency in exchange market. Don't worry about saving fund in trustwallet due not connected with any dapp exchange market and never give access approving for dusting token.

[dkbit98]

Can trustwallet be hacked. can the owners take money of all the users?
Is it possible scanario that wallets like Trustwallet Blockchain info Exodus etc have control on the users funds?

Trust wallet can be hacked if someone hijack their website and redirect users to download malicious software that can report seed words to scammers.
I don't trust any wallet that is not open source like Trust, Exodus and similar, because code can't be verified, but I don't think anyone reported losing coins like you said.
It's possible that some people who work for them could leak information, but non-custodial can't be hijacked like online wallets.
However, it's better to be safe than sorry, so use only open source wallets like Electrum and verify it before insdtalling.

[Coyster]

I don't think have scenario about the owner will take fund for their user saving assets in trustwallet, seems impossible thing having developer want to give bad reputation for their platform have building for long term and spent much money, knowledge and actually they have spent their time.

Owners/founders of most new altcoins for example build 'reputation' for a long time, spend money and time to make people believe them, but they take all the money of their investors when they have garnered enough. Mind you that once it is a centralized service, you can lose money as a result of the direct or indirect actions of the owners, if Binance falls for example, there's a high probablily that trustwallet will go down with'em.

Trustwallet most safety placed for saving assets due has own controlling with seed phrase than alternative way when saving cryptocurrency in exchange market. Don't worry about saving fund in trustwallet due not connected with any dapp exchange market and never give access approving for dusting token.

The safest place for storing your funds/asset is offline/an airgapped device, trustwallet is none of that, it is closed source and an online wallet, it is pretty far from being the safest place to store your funds.

[Crypto Library]

Although it's a decentralized wallet it's still a hot wallet so I think it's not 100% correct to trust it. Moreover, there is still a lot of confusion about the privacy of trust wallet backed by persons.  So I think this also leaves the possibility of being hacked.
From this point of view, I think cold wallets are ahead because hackers can't attack in offline, But the main factor here is that the protection of device and the private keys.

[hosseinimr93]

Although it's a decentralized wallet it's still a hot wallet so I think it's not 100% correct to trust it.

You probably mean non-custodial. Trustwallet gives you access to your keys and it's a non-custodial wallet. That's different from decentralization.
I don't think it's true to use the term "decentralization". When you use trustwallet, you connect to their server and you rely on a third party.

[mk4]

You probably mean non-custodial. Trustwallet gives you access to your keys and it's a non-custodial wallet. That's different from decentralization.
I don't think it's true to use the term "decentralization". When you use trustwallet, you connect to their server and you rely on a third party.

This. Just a heads up that probably the only truly "decentralized" wallet we have right now is Bitcoin Core (and probably arguably Electrum?) due to the diverse amounts of developers/contributors. But then again, a wallet doesn't necessarily need to be decentralized to be good.

[Lucius]

I've also heard that it was possible to hack, with physical access to the equipment, a Trezor. But there is no record that anything ever happened to a Ledger.

When you write it like that, it looks like it's a rumor, but the truth is that it's a proven fact and that any Trezor HW that is not protected with a passphrase or SD card can be hacked in 5 minutes with equipment worth $100. Of course, it is a physical attack, which means that the HW should be stolen/lost.

Ledger had its vulnerabilities, but as far as is known, they have all been patched, although the Ledger Leak is something that definitely seriously damaged the company's credibility. Someone who is in such a serious business should not allow such situations.

[SquirrelJulietGarden]

Sorry but is Trust wallet really open source?

Their website states that they are an open source wallet that make me confusing. I knew Binance took over Trust wallet two years ago and believe it is a close source wallet but their description is open source.

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