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Update (December 31, 12:40 pm UTC): This article has been updated to include Tangem’s statement to Cointelegraph on the security vulnerability, the fix and its handling of the situation.

Cryptocurrency Wallet Provider Transparency:
December 31, 12:40 pm UTC – Tangem has issued an update regarding a critical security vulnerability in their mobile application. The company acknowledges that this issue was exploited by malicious actors following reports from Reddit users.

Exploitation Details:
A significant number of users reported that their private keys were exposed via email accounts linked to their Tangem wallets. These compromised addresses allowed attackers access to sensitive financial information, including wallet addresses and private keys.

Immediate Response – Bug Fix Implementation:
Tangem has promptly implemented a comprehensive security patch following the incident. The update includes enhanced encryption measures and regular system audits to prevent similar vulnerabilities from being exploited in the future.

Company Communication:
The company has reached out to affected users, providing them with detailed information about the extent of the breach and the steps taken to address the issue. Tangem emphasizes their commitment to user security and data protection.

Technical Analysis:
A post by a member on the Reddit forum revealed that Tangem’s mobile app had mistakenly stored users’ private keys in email system folders rather than securely encrypted storage. This oversight exposed these keys when compromised email addresses were shared with malicious actors.

Impact Assessment:
The bug affected a small, targeted group of users who utilized Tangem’s wallet feature on their smartphones. The vulnerability was particularly vulnerable to individuals using weak or unverified email accounts linked to their devices.

Public Statement from Tangem:
In a press release, Tangem CEO李明 stated: "We are deeply regretful of this lapse in security and have taken immediate and decisive action to resolve the issue. Our priority has always been user protection, and this incident underscores our commitment to continuous improvement."

Post-Breach Measures:

  • Enhanced Security Protocols: Tangem has upgraded their encryption algorithms for wallet storage.
  • Proactive Monitoring: The company has introduced advanced threat detection systems to monitor for suspicious activities in real-time.
  • User Education Campaigns: Regular updates and reminders about secure account management practices have been rolled out to affected users.

Conclusion:
This incident serves as a stark reminder of the critical importance of robust security measures in protecting user data. Tangem remains dedicated to transparency in addressing such vulnerabilities, ensuring that all necessary steps are taken to mitigate risks moving forward.

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