Cobo Wallet recently concluded a third security audit from an independent firm with positive findings.
Cure53, a well-known cybersecurity company that has previously conducted audits for Google’s Chrome browser and Github, conducted the investigation in October. Their tests were wide-ranging in focus and included access to all relevant sources and information necessary for completing the test.
Over the course of nine days, Cure53’s team of experts conducted a penetration test, a review of Cobo Wallet’s cryptographic basis, and a source code audit.
“Four members of the Cure53 team tasked with this assessment can only conclude that the project can be considered secure,” reads the report, which uncovered no major threats or vulnerabilities.
The Cobo Wallet security team, who cooperated with Cure 53 for the audit, were also excited about the report’s findings.
“Our entire focus is on security first – it is the most fundamental part of our work,” said Darker, Head of Security at Cobo. “These findings demonstrate how Cobo is helping people protect their crypto.”
Darker, Head of Security at Cobo (right) works with other members of Cobo’s team in Beijing. Photo: Teo Jin Ming
Within the entire cryptocurrency community, hacks and security vulnerabilities are a major concern. An estimate by CCN indicates that $731 million worth of cryptocurrency was been stolen in 2018.
Cryptocurrency owners that store their funds on exchanges are especially vulnerable to losing control of their assets.
“Hackers love going after exchanges because they are a rewarding and often easy targets,” writes Brian Fung for The Washington Post. “In this respect, exchanges are little different from health-care providers with lucrative medical data, or credit reporting bureaus that hold Social Security numbers.”
Digital wallets for cryptocurrency are a promising solution to the inherent vulnerabilities of an exchange. Investors seem to also have confidence in Cobo, which recently completed a $13 million Series A round.
“To sum up,” concludes the Cure 53 report about the app, “the Cobo Wallet and its API make a solid and robust impression as regards the security of the fundamental features a mobile wallet should provide."
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