The world of cryptocurrency hinges on security—especially when it comes to digital wallets that store users’ private keys and, by extension, their assets. Yet, a recent report from the cybersecurity certification platform CER reveals a startling reality: only a small fraction of crypto wallet providers are taking essential steps to secure their platforms through rigorous testing.
Among 45 major crypto wallet brands analyzed, just 6—only 13.3%—have undergone penetration testing to identify potential security vulnerabilities. Even more concerning, only half of those six have tested their most current software versions.
This lack of proactive security measures raises serious questions about the overall trustworthiness of many widely used wallets in today’s decentralized ecosystem.
What Is Penetration Testing and Why It Matters
Penetration testing, often referred to as "pentesting," is a simulated cyberattack conducted by ethical hackers to uncover weaknesses in software, systems, or networks. These experts attempt to exploit flaws in design, configuration, or implementation—just as real attackers would—but with the goal of strengthening security before malicious actors strike.
In the context of crypto wallets, penetration testing can reveal vulnerabilities that could lead to fund theft, unauthorized access, or data leaks. Since most users rely on these apps to manage substantial digital assets, the absence of regular pentesting poses a significant risk.
CER emphasizes that effective penetration testing should be performed on up-to-date versions of software. Unfortunately, among the six brands that have conducted tests:
- MetaMask, ZenGo, and Trust Wallet tested their latest versions.
- Rabby and Bifrost tested older iterations.
- Ledger Live’s test applied to an unspecified version (listed as “N/A”).
All other 39 wallet brands showed no verifiable evidence of ever having undergone such assessments.
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The Security Elite: Who Made the Cut?
Despite the overall low compliance rate, some wallets stand out for their commitment to security. Based on comprehensive evaluation criteria—including vulnerability disclosure policies, bounty programs, incident response history, password strength enforcement, and independent audits—CER ranked several wallets at the top tier.
The highest-scoring wallets include:
- MetaMask
- ZenGo
- Rabby
- Trust Wallet
- Coinbase Wallet
These platforms not only conduct penetration tests but also implement layered security practices such as offering bug bounties, encouraging community-driven audits, and maintaining transparent communication during security incidents.
CER uses a detailed scoring model across multiple dimensions to generate its wallet security rankings, giving users a reliable benchmark for evaluating risk.
Why Don’t More Wallets Conduct Penetration Tests?
One primary reason cited by CER is cost. Penetration testing isn’t cheap—especially for fast-moving projects that release frequent updates. Each new version may invalidate previous test results, requiring repeated investment.
"We attribute this to the volume of updates across general applications—each new update can render up to five prior tests obsolete," CER noted in its report.
Smaller or newer wallet developers may lack the financial resources or technical infrastructure to support regular third-party audits. However, this creates a dangerous gap: less secure products remain in circulation while users assume they are protected.
Interestingly, CER found a strong correlation between popularity and security investment. Larger, more established wallets like MetaMask and Coinbase Wallet are more likely to invest in comprehensive security protocols—not just because they can afford it, but because they must.
“Popular wallets tend to adopt stronger security measures to protect their growing user base. A larger user base means more funds at risk, higher visibility, and greater incentive for attackers—creating a positive feedback loop where secure wallets attract more users.”
Alternative Security Measures: Bug Bounties and Community Vigilance
While penetration testing remains underutilized, many wallet providers do leverage alternative methods to detect vulnerabilities. One of the most effective is the bug bounty program, where developers reward white-hat hackers for responsibly disclosing flaws.
CER reports that nearly one-third of the 159 individual wallets evaluated (including different platform variants from the same brand) received a “secure” rating—defined as a security score above 60 out of 100. Notably, MetaMask for Android and MetaMask for Edge are scored separately due to differences in platform-specific risks.
Bug bounties offer a scalable way to improve security without the high cost of formal pentesting. However, they shouldn’t replace structured audits—they complement them.
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Real-World Consequences: Recent Wallet Breaches
The importance of proactive security was underscored in 2023 by several high-profile hacks:
- In early June, Atomic Wallet suffered a breach resulting in over $100 million in losses. The team suspects malware infiltration in their infrastructure, though the exact exploit remains unidentified.
- Around the same time, MyAlgo, a web-based Algorand wallet, was compromised by a malicious actor, leading to estimated losses exceeding $9 million.
These incidents highlight how vulnerabilities—whether in code, backend systems, or supply chains—can have devastating consequences. Without regular penetration testing and continuous monitoring, even seemingly secure platforms can become targets.
Frequently Asked Questions (FAQ)
What is penetration testing for crypto wallets?
Penetration testing involves ethical hackers attempting to break into a wallet’s system to find security flaws before criminals do. It simulates real-world attack scenarios to improve resilience.
Why don’t all crypto wallets get penetration tested?
Cost and resource constraints are major barriers. Frequent software updates also make past tests obsolete quickly, requiring ongoing investment many smaller teams can’t afford.
Are popular wallets safer than lesser-known ones?
Generally yes. High-profile wallets often have more funding and face greater scrutiny, pushing them to adopt stronger security practices like audits, pentesting, and bounty programs.
Does having a bug bounty program mean a wallet is secure?
Not necessarily. While bug bounties help identify issues, they’re not a substitute for comprehensive security strategies including code audits and penetration testing.
How can I check if my wallet has been penetration tested?
Look for public audit reports, security certifications (like CER ratings), or transparency statements from the development team. Platforms like CER.live provide independent evaluations.
Can I trust a wallet that hasn’t published any security tests?
Proceed with caution. Lack of transparency often correlates with weaker security posture. Prioritize wallets that openly share audit results and maintain active bounty programs.
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Final Thoughts: Security Shouldn’t Be Optional
As crypto adoption grows, so does the responsibility of wallet providers to safeguard user assets. The fact that only 6 out of 45 major brands have undergone penetration testing is alarming—and unacceptable given the stakes involved.
Users must become more discerning. Relying solely on brand recognition or ease of use is no longer enough. Instead, prioritize wallets that demonstrate a clear commitment to security through independent audits, up-to-date penetration tests, and transparent incident responses.
For developers, the message is equally clear: invest in security early and often. In an environment where one exploit can wipe out millions overnight, prevention isn’t an expense—it’s essential insurance.
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