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Zero-Day Vulnerability in Passwordless Login Method Could Pose Risks to Global Economy

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It is reported that Dfns, a startup of encrypted wallets, said that there are serious vulnerabilities in the passwordless login method Magic Links used by more…

Zero-Day Vulnerability in Passwordless Login Method Could Pose Risks to Global Economy

It is reported that Dfns, a startup of encrypted wallets, said that there are serious vulnerabilities in the passwordless login method Magic Links used by more and more encrypted wallets and network applications. Dfns said in a statement that the vulnerability could “pose a considerable risk to a large part of the global economy. The affected services said that they had hardly received any notice before Dfns published a blog article detailing the so-called zero-day vulnerability.

Encryption wallet company Dfns: “Magic Links” has a serious vulnerability

Interpretation of the news:


Dfns, a startup that provides encrypted wallets, recently reported on a significant vulnerability in the passwordless login method used in Magic Links that many encrypted wallets and network applications rely on. The zero-day vulnerability reveals serious security flaws in the system, which could pose a significant risk to a large part of the global economy.

According to Dfns, the affected services were hardly notified before they published a blog article detailing the vulnerabilities in the Magic Links login method. The issue of a lack of notice raises concerns because many users and organizations put their faith in these services, trusting them with highly personal data, assets, and information. With the information from Dfns starting to circulate around the crypto industry, authorities are now giving it close attention.

Given the critical role Magic Links plays in the encryption and security of wallets, Dfns has raised the alarm on this matter. Magic Links are used to facilitate passwordless logins to wallets and other network applications, making it easier for users to access their accounts without the need to remember complex passwords. However, the implementation and reliance on Magic Links are no longer sufficient to guarantee secure and foolproof access, as demonstrated by the zero-day vulnerability.

With so many people relying on these services as a way of safely storing and securing their digital currency and assets, the zero-day vulnerability is especially concerning. If exploited, it could have severe consequences and could result in significant losses for individuals and businesses, possibly even leading to the collapse of cryptocurrency exchanges.

In conclusion, the zero-day vulnerability in the Magic Links passwordless login method is an alarm call for both the identity management industry and crypto exchanges. The responsible disclosure of the vulnerability by Dfns provides a window of opportunity for the affected services to patch the vulnerability and take adequate measures to tighten their security postures. Moreover, businesses and individuals who use these encrypted wallets and Magic Links need to be more cautious about their data and assets’ protection, selecting reliable service providers and complying with their recommended security protocols.

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