Tech giant Apple recently had to work hard when a significant vulnerability was discovered in the operating system of many Apple products. The security flaw would certainly also pose a threat to crypto investors with an iPhone. Attackers could thus gain access to crypto wallets on common smartphones reports Forbes
The discovery of the security vulnerability in iOS
Citizen Lab, a research group specializing in spy software, discovered the brand new hacking technique. This technique would allow attackers to remotely access an iPhone and potentially even steal cryptocurrencies. Citizen Lab duly informed Apple about this vulnerability before writing about it in its blog post.
The vulnerability exploits PassKit, the Frame behind iPhone apps like Apple Pay and Wallet. This allows attackers to send malicious images to the victim via iMessage without requiring any interaction from the victim. According to Citizen Labs, attackers can even make off with private keys for crypto wallets.
Changpeng Zhao (CZ), the CEO of Crypto exchange Binance immediately warned iPhone, iOS and iPadOS users to urgently update their devices. He tweeted:
“Today’s Apple iOS/iPadOS 16.6.1 updates include a security patch for an iMessage vulnerability that could remotely execute code without any interaction from the victim. It’s already being exploited…Update (your iPhone) immediately.”
Today’s Apple iOS/iPadOS 16.6.1 updates include a security patch for an iMessage vulnerability that allows remote code execution WITHOUT ANY INTERACTION from the victim. It is already being exploited in the wild by the threat group Pegasus. Update immediately. Remain #SAFU.
— CZ 🔶 Binance (@cz_binance) September 8, 2023
Consequences for the crypto market
The alarming iPhone security flaw occurred just before the latest iPhone reveal on September 12th. Yesterday it was also reported that iPhones were banned in China for certain people, resulting in a significant drop in Apple’s value. In total, the company lost more than $200 billion in market capitalization.
Although the direct impact of this vulnerability is still unknown, it shows the fragility of modern technologies, especially when it comes to the security of digital assets such as Cryptocurrencies. Users are encouraged to update their devices regularly and remain vigilant against potential threats.