On March 27th of this year, the Jaxx Liberty wallet application was retired and users were redirected to other wallet applications, including Edge, as an alternative. To aid in the migration process, we published a blog post and how-to support article that instructed users to extract their master private key from Jaxx and, per best practices, write it down and type it into Edge via an import process.
Approximately one month after the announcement, we started to get support inquiries of users with funds drained from their wallets. All reports came from previous Jaxx users and after extensive investigation, we determined that a number of users had their funds stolen before their Edge account was even created. Furthermore, extensive interviews of affected users and log file analysis determined that many of them had executed poor key management and used their clipboard or photo library to copy their private key and transfer it from Jaxx to Edge. This opened up the possibility of clipboard hijacking as well as inadvertent upload of their unencrypted private keys to photo library backup services.
Our team reached out to another wallet service that received an influx of prior Jaxx users, and they confirmed that they had also experienced Jaxx users reporting stolen funds in the process of exporting and importing their private keys.
Several data points strongly suggest that there is no known security issue in Edge or other wallet applications receiving imported keys from Jaxx:
A number of users lost funds before their Edge account was created
A number of users exercised poor key management hygiene
Since the retirement of Jaxx Liberty, there have been zero reports of compromised funds that were not due to importing of Jaxx private keys
A third party wallet service confirmed that users reported stolen funds from the import process of Jaxx private keys
While we have not determined the exact cause of compromised funds in all cases, to help mitigate future issues, we have altered our recommended migration procedure to request that users NOT extract their private key from Jaxx, but rather utilize their previously stored backup phrase and enter that into Edge directly. In addition, we have implemented a migration process in Edge that will easily sweep funds from an imported private key into newly created private keys that have never been exposed.
Since the birth of Edge, we have always felt that abstracting private key management is critical to the security of the majority of cryptocurrency users. Requiring users to manually backup their private key opens them up to a plethora of attack vectors and the recent influx of reports confirms our thesis. In addition, the process of exporting and importing private keys between wallets exacerbates the problem due to the desire to easily transport keys between applications. This motivates the use of digital methods such as clipboards, email, messaging, photos, or even a combination of the above which put private keys at great risk of compromise.
While we are very disappointed to hear of any loss of cryptocurrency, Edge stands firm that the Edge app is not at fault for any loss of funds from these reports. Our biggest lesson learned is the importance of proper handling of private keys and how users can easily stumble out of best practices and into the common pitfalls. While the inner circle of crypto enthusiasts continuously reiterates best practices of key management, millions of users are distant from this inner circle and rarely see or hear the pitfalls they should be aware of. As an industry, we have a long road ahead to provide tools and services that strongly mitigate against common user error while still retaining the core advantages of self-custody.
In version 3.5.0, Optimism (OP) Arrives on Edge, a Layer 2 scaling solution for Ethereum. This significant update broadens the horizons for Edge users, enabling seamless interaction on the Optimism chain.
Beyond Optimism compatibility, we’ve incorporated support for tokens native to the Optimism network. This includes ERC-20 tokens like UniSwap (UNI), Aave (AAVE), and Chainlink (LINK), as well as stablecoins such as USD Coin (USDC) and Tether (USDT).
What is Optimism?
Optimism is a Layer 2 scaling solution for Ethereum that aims to improve the blockchain’s transaction throughput, speed, and cost-efficiency. It employs a technology called optimistic rollups to achieve these goals. Optimistic rollups bundle many transactions off-chain and then submit them as a single batch on the Ethereum mainnet, allowing for faster and more affordable transactions.
With off-chain transaction processing and periodic settlement on the mainnet, Optimism reduces the network congestion and transaction fees associated with Ethereum. This scaling solution enables Ethereum-based decentralized applications (dApps) and users to enjoy better performance, faster transaction confirmations, and lower costs, making it a vital upgrade for the Ethereum ecosystem.
What are the other Layer 2’s of Ethereum?
Apart from Optimism, there are several other Layer 2 (L2) scaling solutions for Ethereum that aim to address the network’s scalability issues. Some notable L2 solutions include:
Polygon (previously Matic Network): Polygon is a multi-chain scaling solution that employs a combination of Plasma chains, ZK-rollups, and Optimistic rollups. It provides a scalable and flexible framework for building and connecting Ethereum-compatible blockchain networks.
zkSync: zkSync is a Layer 2 scaling solution based on zero-knowledge proofs (zkRollups) that focuses on providing fast and secure transactions with low fees. It achieves high throughput by bundling transactions off-chain and then submitting a cryptographic proof to the Ethereum mainnet for settlement.
Arbitrum: Arbitrum is another Layer 2 scaling solution that uses optimistic rollups to improve Ethereum’s transaction capabilities. It allows developers to deploy Ethereum smart contracts on the Arbitrum network with only minor modifications, offering improved speed, scalability, and cost-efficiency.
Loopring: Loopring is a Layer 2 scaling solution that employs zkRollups to enable fast and low-cost trading on decentralized exchanges (DEXs). It combines off-chain transaction processing with cryptographic proofs to ensure security and transparency while offering a high throughput.
StarkWare: StarkWare uses zk-STARKs, a type of zero-knowledge proof, to provide Layer 2 scaling for Ethereum. It focuses on delivering fast and cost-effective transactions, as well as scalable data availability solutions for various applications, including decentralized finance (DeFi) and gaming.
These Layer 2 solutions, along with others in development, aim to address Ethereum’s scalability challenges and enable the network to support a growing number of users, transactions, and decentralized applications.
Edge’s Optimism Features
Optimism arrives on Edge with its integration that includes a swap feature allowing users to compare and select the best rates from many exchange partners. With automatic best price hunting across these exchanges, this functionality revolutionizes the crypto trading experience. Furthermore, our swap feature offers the option to choose partners that do not mandate KYC (Know Your Customer) verification, ensuring increased privacy for users.
The amalgamation of Optimism support with this swap feature establishes Edge as an outstanding choice for individuals seeking to transact on the Optimism network. With rapid transaction speeds, reduced fees, and access to the most competitive exchange rates, we can meet the needs of both seasoned crypto traders and newcomers.
How do I enable Optimism on Edge?
Here’s how to enable Optimism and OP tokens in Edge:
After signing in to Edge, tap on the + symbol to create an Optimism wallet
Once you have an Optimism wallet, tap on it
Tap the Gear icon to access the settings
Tap on Add/Edit tokens and you will see a list of popular tokens. You can also add a custom token if the token is not part of the default list available
Once you find the token you want to add, tap on it and then tap on “Save” in the top right corner. This will enable the OP token in Edge.
You can now view your Optimism or any tokens added as well as their respective balances and perform transactions with the added tokens in your account.
Please note that the process to add tokens might differ depending on the app version or device you are using. Additionally, remember to double-check the compatibility of tokens with the Optimism network before adding them to your wallet.
Also note that users must have ETH on the Optimism chain to pay for gas and cover transaction fees when interacting with Optimism-enabled tokens. When planning on transacting, take into account that this is a crucial aspect of using Layer 2 solutions like Optimism.
Optimism support in Edge marks a significant advancement in enhancing the user experience for Ethereum-based transactions. By integrating this Layer 2 scaling solution, we’ve empowered users to enjoy rapid transaction speeds, reduced fees, and a wider selection of supported tokens, including those native to the Optimism network. With the added swap functionality for comparing exchange rates and the option to choose non-KYC partners, we continue to set a new standard for privacy, convenience, and flexibility in the cryptocurrency ecosystem.
Both seasoned crypto traders and newcomers can enjoy Edge’s accessible platform, making it an ideal choice for interacting with the popular Optimism network and the broader world of digital assets.
If you have any questions or concerns with enabling Optimism on Edge, our support team is happy to help and can be reached by email at support@edge.app or by visiting our Support page by clicking the button below.
Users will now be able to enable stablecoins on the XRPL such as Stably USD and more, giving users the ability to receive, store, and send out these types of assets all in Edge.
If you’re new to crypto though, we’ll briefly go over the XRPL and XRP, what stablecoins are, and also how to enable or acquire them below.
What is the difference between XRP, XRP Ledger, and stablecoins?
XRP is the native digital asset of the XRP Ledger, created to revolutionize digital payments by purportedly providing faster, greener, and more cost-effective transactions than any previous digital asset. Additionally, XRP plays a crucial role in protecting the Ledger from spam and facilitating currency exchange on the XRP Ledger’s decentralized exchange. As the XRP Ledger and its community have evolved, new use cases for XRP have emerged, further expanding its utility beyond its original purpose.
The XRP Ledger (XRPL), on the other hand, is a public, permissionless, decentralized blockchain maintained by a global developer community. The XRP Ledger is designed to provide fast and efficient transaction processing, with settlement times of just a few seconds and transaction fees as low as fractions of a penny.
Stablecoins issued on the XRPL are cryptocurrencies that are pegged to the value of a fiat currency, such as the US Dollar or Euro. These stablecoins are issued by third-party issuers and are backed by a reserve of the corresponding fiat currency held in a trust account on the XRP Ledger. These stablecoins can be used for fast and efficient cross-border payments and as a store of value, without the volatility of traditional cryptocurrencies.
While XRP and stablecoins issued on the XRPL both play a role in facilitating cross-border payments, they serve different purposes. Stablecoins provide a stable store of value, while XRP provides liquidity and enables the exchange of different currencies and assets on the XRP Ledger’s DEX.
Why XRPL for stablecoins?
The XRP Ledger provides a compelling platform for stablecoins for a number of reasons:
Low Transaction Costs: The XRP Ledger has a low-cost structure, with fees as low as 0.00001 XRP per transaction. This makes it a cost-effective platform for stablecoin transactions, which typically require frequent transfers between wallets.
Fast Transaction Processing: The XRP Ledger is designed for fast and reliable transaction processing, with settlement times of just a few seconds. This makes it an ideal platform for stablecoin transactions, which require fast settlement times to maintain their stable value.
Reliable and Secure: The XRP Ledger has been in operation for over 10 years and has a proven track record of reliability and security. Its consensus mechanism ensures that transactions are validated quickly and securely, while the decentralized nature of the network provides protection against attacks and malicious actors. This helps facilitate reliable currency exchange 24/7/365.
Overall, the combination of low transaction costs, fast transaction processing, a decentralized exchange, and a proven track record of reliability and security makes the XRP Ledger a great platform for stablecoins. It offers a cost-effective and efficient way to transact in stablecoins, with the ability to exchange them with other currencies and assets in a secure and reliable manner.
Are XRP and XRPL decentralized or owned by Ripple?
The XRP Ledger and its native digital asset XRP are decentralized and are not owned by Ripple. While Ripple was instrumental in the initial development of the XRP Ledger and XRP, they do not own or control the network but rather are one developer and contributor to the XRPL, among many.
The XRP Ledger is maintained by a global network of validators. The network operates on a consensus-based model, where validators must approve changes or updates to the network with at least 80% agreement, and maintain that minimum threshold for a minimum of two weeks. This ensures that the network is decentralized and not controlled by any single entity.
While Ripple contributes to the network, its rights and privileges are the same as those of other contributors. The XRP Ledger has over 150 validators on the network, with 35 or more on the default Unique Node List, which helps ensure that transactions are processed quickly and securely.
What are stablecoins and the different types?
Stablecoins are a type of cryptocurrency that are designed to maintain a stable value and are often pegged to the value of a specific asset or currency, such as the US dollar or gold. Unlike other cryptocurrencies such as Bitcoin, whose value can fluctuate widely, stablecoins are designed to provide a more stable store of value that can be used for transactions or as a hedge against volatility.
There are a few different types of stablecoins, but some of the most common include:
Fiat-backed stablecoins: These are stablecoins that are pegged to the value of a fiat currency, such as the US Dollar or Euro. The issuer of the stablecoin holds reserves of the fiat currency that back the stablecoin’s value. Fiat-backed stablecoins are available on the XRP Ledger, such as the Stably USD (USDS) stablecoin.
Cryptocurrency-backed stablecoins: These are stablecoins that are backed by other cryptocurrencies, such as Bitcoin or Ether. The value of the stablecoin is typically collateralized by the underlying cryptocurrency, which is held in reserve.
Algorithmic stablecoins: These are stablecoins that are maintained through an algorithm that adjusts the supply of the stablecoin to maintain its value. Algorithmic stablecoins can be more complex to understand and are often subject to more volatility than other types of stablecoins.
Stablecoins can be used for a variety of purposes, including as a means of payment, as a store of value, or as a trading pair on cryptocurrency exchanges. Because they are designed to maintain a stable value, stablecoins can be particularly useful in contexts where price volatility is a concern, such as cross-border transactions or in trading markets.
What is an example of a Stablecoin on the XRP Ledger?
Stably USD (USDS) is a stablecoin on the XRP Ledger that is backed 1-to-1 by U.S. Dollars held in trust accounts managed by regulated U.S. custodians. It is a fiat-backed stablecoin that maintains its stability through the backing of the U.S. dollar. USDS is also built on other blockchains such as Ethereum.
Stably is a company based out of Seattle, Washington and is behind the USDS stablecoin which has partnered with a number of exchanges and wallets to enable the trading and use of USDS on the XRP Ledger.
It’s important to note that like all stablecoins, the value of USDS is tied to the US Dollar and is subject to the same risks and limitations as other stablecoins. It’s also worth noting that the use of any stablecoin, including USDS on the XRPL, can be subject to regulatory scrutiny and potential risks, so it’s important to exercise caution and conduct due diligence before using them.
How do I add XRP and XRPL stablecoins on Edge?
If you want to add XRP and XRPL Stablecoins to your Edge wallet, follow these simple steps:
Tap the “Add Wallet” sign on the wallets list scene to create an XRP wallet. Select XRP and create the wallet.
2. Once you’ve created the XRP wallet, tap on it in the wallets list. Please note that there is a minimum of 10 XRP reserves that will be locked in order to use your wallet. This is a rule on the XRP chain and Edge doesn’t make any profit from it.
3. While inside the XRP wallet, tap on the gear icon to access the wallet options. Then tap on Add/Edit tokens.
4. Turn on the stablecoins you wish to use, such as EUR.gh, USD.bs, USD.gh, and USD.st. Once you’ve turned them on, tap back to go to the wallets list.
5. Tap on any of the tokens you just added, such as USD.bs. You will see an Activate Token scene that requires a small fee paid in XRP to activate the token
6. Slide to confirm the payment fee to activate the token.
7. Once the payment is complete, the tokens are ready to use, and you can send yourself tokens to store on Edge.
By following these steps, you can easily add XRP and stablecoins to your Edge wallet and start using them for your transactions.
What if I don’t have any XRP to make payment to activate the tokens?
If you don’t have any XRP but have some crypto to begin with such as BTC, you can swap your crypto into XRP by following these steps:
Log into your Edge account
Tap on the Exchange button located at the bottom right
Set the source asset to BTC
Set the receiving asset to XRP
Enter an amount such as $20 that you would want to swap into
Make sure that the end result would have you above the minimum XRP reserves explained earlier
Tap Next and Edge will take care of the rest to find you the best rate
Once a trade is found, review and Slide to Confirm if you are ready to make the swap
If you prefer to buy XRP, you can also do so with a credit card.
Log into your Edge account
Tap the Buy button located at the bottom
Tap on Credit and Debit Card
Select XRP from the list
Enter an amount to purchase
Tap Next and complete the rest of the steps to make the purchase
In as quick as a few minutes you will see XRP arrive into your wallet which you can then use to activate the XRP tokens you’ve enabled.
How do I get XRPL stablecoins?
In an upcoming release, Edge will support a DEX that will enable the functionality of swapping crypto into XRPL stablecoins. To stay tuned on when this integration becomes available be sure to subscribe to our newsletter below.
If you have any questions or concerns with depositing XRP into your Edge account, our support team is happy to help and can be reached by email at support@edge.app.
Algorand is a blockchain platform that aims to provide a secure, scalable, and decentralized infrastructure for building various applications and services. It was created by Silvio Micali, Turing Award–winning cryptographer, to support a wide range of uses, from money transfers to building new computer programs. Since its launch in 2019, Algorand has been a reliable platform for real-world applications that require fast and secure transactions.
Algorand is similar to Ethereum in that it is a blockchain platform that allows developers to create decentralized applications and smart contracts. Algorand uses a pure proof-of-stake consensus mechanism, which is touted by its supporters as a more energy-efficient and faster consensus mechanism than proof-of-work. Additionally, Algorand has a fixed total supply of 10 billion tokens, whereas Ethereum’s supply is unlimited. These differences have the potential to make Algorand a more scalable and predictable platform for developers and investors.
Security
As the cryptocurrency industry continues to mature, there is an increased need for secure wallets in the space. With digital assets being an attractive target for cybercriminals, it’s critical for users to take necessary precautions to ensure the safety of their investments. By pairing Algorand’s secure blockchain with a reliable wallet such as Edge, users can have peace of mind knowing that their digital assets are being stored in a secure and trustworthy manner.
Edge Introduces Algorand in 3.8.0 Update
Edge’s recent 3.8.0 update introduces support for Algorand (ALGO) and its tokens, enabling users to create a secure Algorand wallet within Edge. As a non-custodial wallet, users hold their own keys and have full control over their digital assets. Edge’s built-in IP Validation (IP2FA) adds an extra layer of security by preventing unauthorized access from unknown locations.
The account creation process for Algorand users on Edge is user-friendly and secure, without requiring complex seed phrases or personal information. Advanced users can still view their seed phrase if they choose to do so. Edge’s automatic encrypted backup and familiar password recovery process also ensures that users can easily recover their accounts if needed.
One of the most significant features of Edge’s Algorand support is the ability to swap between different cryptocurrencies and buy or sell directly within the wallet. This means that users can easily swap in and out of Algorand and other cryptocurrencies without leaving the wallet. Our advanced exchange functionality can find the best rates across multiple exchange platforms, with a preference for decentralized exchanges that do not require KYC. This makes it easier for users to manage their crypto portfolios and take advantage of market opportunities while remaining privacy-focused where Edge never has access to user funds or transaction history.
This integration makes Edge a versatile and secure platform for managing digital assets and participating in the growing ecosystem of decentralized applications on the Algorand network. Whether users want to hold and trade Algorand tokens or interact with their favorite dApps, Edge makes this a seamless and secure experience for both new users and existing Alogrand users that may be coming from previous wallets.
How to create an Algorand wallet?
Here’s how to enable Algorand and Algorand tokens in Edge:
After signing in to Edge, tap on the + symbol to create an Algorand wallet
Once you have an Algorand wallet, tap and hold on the Algorand wallet from the list
Wallet options will appear
Tap on Add/Edit tokens and you will see a list of popular tokens. You can also add a custom token if the token is not part of the default list available
Once you find the token you want to add, tap on it and then tap on “Save” in the top right corner. This will enable the Alogrand token in Edge.
How to Swap in and out of Algorand
In order to do swaps on Edge, simply follow these steps:
Tap on Exchange located at the bottom right while logged in
Select the source asset such as BTC if you want to swap into Algorand
Select the receiving asset, in this case Algorand
Enter the amount you wish to swap
A provider will be located providing you the best rate
Slide to confirm
That’s all there is to it. In a few minutes to a few hours you will see the Algorand arrive into your Edge account.
What’s next for Edge and Algorand?
In a future release, not only will Algorand users enjoy this functionality and security with Edge but users will also be able to connect to their favorite dApps with WalletConnect built into Edge. With WalletConnect, users do not need to expose their private keys or seed phrases to dApps, which helps to ensure the security of their digital assets. Instead, users can simply scan a QR code on their device to establish a secure connection between their wallet and the dApp. To stay up to date with future product announcements, be sure to subscribe to our newsletter below.
Edge has partnered with Brazilian fintech company SmartPay to integrate their flagship product, Swapix. Swapix provides an easy and convenient way for Brazilian users to access digital financial services, particularly for the unbanked population. By making it easier for customers to participate in the growing cryptocurrency market, Edge and SmartPay are helping to bridge the gap between traditional financial services and the digital economy, creating a more inclusive financial system in Brazil.
With this integration, Edge users will be able to scan PIX QR codes natively in our app. PIX is a primary payment method used in Brazil that 95% of merchants utilize. Edge users will be able to take USDT on TRON, scan a PIX QR code at nearly any merchant in Brazil, and the transaction will settle in 15 seconds. No need to copy/paste or do a complex number of steps.
At no point in this process does a Brazilian user need to interface with a traditional bank – simply take USDT and send it to merchants. Together, we’re helping Brazil go bankless.
This partnership between Edge and SmartPay is set to revolutionize the way people think about traditional banking systems. With the rise of cryptocurrency, more and more people are starting to look for alternative financial services that offer more flexibility and inclusion.
Edge is a self-custody platform designed to meet the needs of users who value privacy, autonomy, and control, while making self-custody as simple and familiar as traditional web2 apps. This is accomplished via a simple username and password setup which is used to client-side encrypt and automatically back up users’ accounts. Combining a simple, self-custody interface that safeguards user privacy and a native crypto payment solution that facilitates commerce with nearly every merchant in the country makes the merger of Swapix and Edge a powerful pairing beneficial for Brazilians..
How to Send PIX Transactions in Edge
Currently, Edge has support for this feature using USDT on the TRON network. Users who hold USDT in their account, along with TRX to cover network fees, can make payments to any PIX QR code by simply following these steps:
Tap on your TRON or TRON USDT wallet in Edge
Tap on Send
Scan or enter a PIX code
Enter or confirm the amounts on screen
Slide to confirm to send the funds out
After a transaction is sent, you will be able to review the transaction details if you need to see the information again, such as the PIX code, recipient name, amount sent, or any other notes.
In upcoming releases, we’re looking forward to expanding the relationship with Smartpay to facilitate more ways for Brazilian users to buy, sell, trade, and spend their crypto. To stay up to date with these developments, be sure to subscribe to our newsletter below. For any questions or concerns regarding this integration, please shoot us an email to support@edge.app.
Cryptocurrency trading and investments have grown exponentially in recent years. With this expansion comes the need for users to report their digital asset transactions for tax purposes accurately. At Edge, we simplify this process by offering functionality to export wallet transactions in CSV and QuickBooks QBO formats. We will explore how these features can make tax reporting more manageable for both new and experienced users alike.
Benefits of Exporting Wallet Transactions
Keeping track of every transaction made with cryptocurrencies can be a daunting task, especially for those who frequently trade or invest in various tokens. However, accurate record-keeping is essential for tax reporting, ensuring compliance with tax regulations and avoiding potential penalties. Edge’s export features can alleviate the burden of manual transaction tracking, providing users with a straightforward way to export their transaction history for tax reporting purposes.
Export CSV
Edge allows users to export their wallet transactions in CSV (Comma Separated Values) format, a widely accepted file type compatible with most spreadsheet applications, such as Microsoft Excel and Google Sheets. By exporting transactions to a CSV file, users can:
Easily filter, sort, and analyze their transaction data using spreadsheet software.
Track their capital gains and losses for each trade or investment.
Consolidate data from multiple wallets, exchanges, and platforms for a comprehensive tax report.
Share transaction records with tax professionals for more accurate tax filing.
Export QuickBooks QBO
For users who prefer QuickBooks for managing their finances, Edge Wallet offers seamless integration with QuickBooks Online (QBO). By exporting wallet transactions in QBO format, users can:
Import their transaction data directly into QuickBooks, reducing the need for manual data entry.
Automatically categorize transactions based on QuickBooks’ built-in rules, streamlining the accounting process.
Access advanced reporting and analysis tools within QuickBooks for more in-depth insights into their financial activities.
Collaborate with their accountants or tax professionals in real-time, ensuring a smooth tax filing experience.
Edge’s export features for CSV and QuickBooks QBO files make tax reporting a breeze for cryptocurrency users. By providing an effortless way to export wallet transactions and integrate them into popular accounting software, Edge eliminates the need for manual tracking and data entry, saving time and reducing errors. Whether you’re a newcomer to the world of cryptocurrencies or an experienced trader, these export functionalities can help streamline your tax reporting process, ensuring compliance with tax regulations and giving you more time to focus on your investment strategies.
How to Export CSV and QuickBooks QBO Files in Edge
Follow these simple steps to export your wallet transactions as CSV or QuickBooks QBO files using Edge Wallet:
Tap on the wallet in your account containing the transactions you want to export
Tap on the Gear icon
Tap on Export Transactions
Set the Date Range
Set the type of file, whether that’s CSV or QBO or both
Tap on Export
Select Email or any type of method supported
Edge will prompt you to choose a location to save the exported file or share it with other apps or services. Select the appropriate option based on your needs. If you’re saving the file, ensure that you choose a secure location to store your sensitive financial data.
That’s it! You have successfully exported your wallet transactions from Edge in CSV or QuickBooks QBO format. You can now use these files for tax reporting, accounting purposes, or share them with your tax professional.
Please note that the specific steps and options might vary slightly depending on the Edge app version, device, and operating system you are using. Always ensure that your app is up to date for the best experience and to access the latest features.
In the latest release of Edge, we’ve added support for LI.FI, a bridge and DEX aggregator which can route any asset on any chain to the desired asset on any chain.
What is LI.FI?
LI.Fi facilitates on-chain swaps, cross-chain swaps, and a combination of both. LI.FI is the most advanced bridge aggregation protocol on the market, having integrated 12 bridges across 17 EVM-compatible chains, along with all available DEX aggregators and DEXs on those chains, into a single solution.
With this integration, users will be able to swap across different chains without KYC, as LI.FI is aggregating DEXs and bridges. Users will be able to swap cross-chain assets like Polygon MATIC into Wrapped ETH on the Fantom chain, for example.
Edge’s exchange functionality finds you the best price across many partners and with this integration will allow users to have even more support across different types of supported assets on different chains.
How do I do a swap with LI.FI?
First, be sure to update to, or install, Edge version 3.5.0, the latest version of Edge that has this new integration available. With the update installed, log in to your Edge account and follow these steps below:
Install Edge if you’re new and create an account or sign in if you already have an account
Tap on the Exchange button located in the bottom navigation bar.
Enter the amount from the source wallet you wish to swap out of
Select the type of crypto asset you would like to receive underneath
Tap on Next
Review your trade and notice which exchange is powering the trade in the bottom right of your screen
Slide to confirm
Does LI.FI require KYC?
No Li.FI does not require any KYC as it is a decentralized exchange.
How can I make the DEX’s or LI.FI my preferred exchange?
If you prefer to ONLY use DEX’s or ONLY use LI.FI, users have the option to do so by following these steps:
Tap the top right 3 lines in Edge to access the Side Menu
Tap on Settings
Inside the Settings, scroll down and tap on Exchange Settings.
Enable or disable the exchanges you want or set your preferred exchange to decentralized or LI.FI.
That’s all there is to it! To further build out our decentralized exchange functionality, eliminating counter-party risk and preserving user privacy with all trades, we’ve integrated LI.FI. LI.FI’s focus on simplifying the complex world of DeFi while staying true to the values of privacy and autonomy that we care about deeply makes this integration a perfect fit for our product.
On Feb 20, 2023, Edge senior staff were made aware of a security incident whereby a user had experienced an unauthorized transaction which swept the full amount of their Bitcoin wallet. All other funds on their Edge account were intact. Since Edge uses individual master private keys for each wallet, we determined that the user’s account was not logged into by an attacker, but that only the private key of their Bitcoin wallet was compromised.
After further investigation, we determined that the Edge application contained a vulnerability that would leak private keys once a user performs not one, but both of the following actions::
Enter one of the following options available from the “Buy” or “Sell” tabs in the bottom navigation bar: Bity, Wyre, Bitrefill, Ionia, Xanpool, LibertyX, Bitaccess, Bits of Gold, Banxa (bank transfer only, not credit card or Apple Pay). This action would log the unencrypted private key of the currently-selected wallet to the device’s disk.
Used the “Upload Logs” feature in Edge, which would send logs to Edge servers. Logs would include the private key if the upload was done after the entry into one of the buy/sell options. The upload would need to occur shortly after visiting the buy / sell screen, as new log entries eventually push away old entries.
Based on visibility of keys on the Edge logs server, this vulnerability has compromised approximately 2000 private keys by sending them to Edge infrastructure. This amounts to less than 0.01% of the approximate total keys created on the Edge platform. In addition, a spot check of several dozen private keys show that many still have funds remaining. Through this, we ascertain that there has not been a wide sweeping compromise of Edge infrastructure which would have compromised a vast majority of funds on such keys
Due to the narrow nature by which a user’s keys may have been compromised and the very little mention we’ve received from users with missing funds, currently amounting to low 5 figures in USD, we believe this incident has very limited scope and may be a targeted attack on the users affected. We are continuing investigation including deep device forensics to determine if malware may have had access to the unencrypted private keys on disk.
At this time, we urge all Edge users to update to the latest version of Edge (v3.3.1) which is available in the Google Play Store, Apple App Store, and via direct download on our website. This release fixes all known vulnerabilities involving wallet private keys and immediately deletes all prior logs off disk. To secure funds, we urge users to create new wallets – a new account does not need to be created, just a new wallet inside of the account – and transfer funds from old wallets to newly created wallets. New wallets in an existing account will not have the exposure to the vulnerabilities involving its private key. Users can see a step-by-step guide on how to transfer funds here.
New development has immediately started to make the transfer of funds to new keys a simple process in just a few clicks. We are expediting this process and hope to have a release available within the week. In addition, we intend to push a release that will alert users if their wallet keys have been uploaded to Edge log servers (based on the matching public address).
Who Was Not Affected
Users who never visited any of the Buy/Sell options (Bity, Wyre, Bitrefill, Ionia, Xanpool, LibertyX, Bitaccess, Bits of Gold, and Banxa (bank transfer only) would not be exposed to this vulnerability at all. Users who only used the Visa/MasterCard/Apple Pay/Google Pay buy/sell options, which auto routes to Banxa, Simplex, or Moonpay (and does not redirect to a web browser for these payment methods) were unaffected. This Visa/MasterCard/Apple Pay/Google Pay option was available as of version 2.19.0 on Aug 11, 2022. Partners only utilizing the Edge SDK are also not impacted by this vulnerability.
Response Timeline
The Edge team invoked our critical vulnerability response protocol with the following timeline:
2/20 1:30pm PT: Head of QA is made aware of a security incident of lost funds. Preliminary investigation ensued including checking access logs of the user’s account.
2/20 2:10pm PT: The Edge user is thoroughly interviewed regarding their key management practices including importing or exporting of private keys, sharing of account access, jailbreaking of phone or installation of unauthorized apps. No immediate issues were found.
2/20 2:15pm PT: CEO, Head of QA, Head of Support, and Lead Engineer immediately began forensics on sensitive Edge infrastructure including login servers and logs servers. The user’s mobile device was immediately shut down and disconnected from the network for future forensics.
2/20 2:30pm PT: Upon discovery that the Edge user had used the “Upload Logs” feature in the past 2 months, forensics began on the Edge logs server which houses the uploaded logs.
2/20 2:40pm PT: Log files on the Edge logs server were found to contain private keys for the Edge user’s stolen funds.
2/20 2:44pm PT: Edge Chief Architect was contacted immediately and brought in to examine code to find a vulnerability that could have leaked private keys.
2/20 2:50pm PT: Edge logs servers are immediately shut down preventing access to any compromised private keys by any staff or malicious attacker.
2/20 3:05pm PT: Edge Chief Architect discovers the vulnerability in improper logging routines that could write unencrypted private keys on disk in some circumstances. A future user action of using Upload Logs could therefore leak private keys to Edge servers. Due to the critical nature of this vulnerability, per standard critical vulnerability response, Edge staff determines that an immediate patch is necessary to delete any unencrypted private keys on disk before malicious actors are made aware of their existence. The Edge engineering team is immediately tasked with implementing a patch release. Per our open source and transparency ethos, technical details of the vulnerability and timeline are provided below.
2/20 4:00pm PT: Log servers are cloned off-line and closely examined for any malicious access.
2/20 5:05pm PT: The initial pull request is made to a private repo to fix the logging vulnerability.
2/20 9:21pm PT: After code review, the pull request is merged and QA begins testing the release.
2/20 10:42pm PT: The Edge app is uploaded for review to the Google Play and iOS App Stores. It is also uploaded to our website for direct download.
2/21 1:30am PT: A scan of Edge logs servers for compromised private keys is completed to assess scale of impact to user base.
2/21 6:53am PT: Apple App Store approves patch release and it is propagated to users worldwide. Note that propagation can take upwards of 24 hours.
2/21 5:02pm PT: Exact timeline details of code vulnerability in edge-react-gui are determined and documented.
2/22 10:45am PT: Edge partners utilizing a fork of the Edge app are notified of the vulnerability.
2/22 2:00 PT: Public Announcement of vulnerability is made.
Code Vulnerability Timeline Details
# From edge-react-gui d9399f888384498f21bbd4fbbf69089dd50e3b9b
– committed May 22, 2019
– released in v1.7.6
Edge begins logging EdgeProvider traffic to disk which includes the wallet with keys if the user performs a spend while in the partner WebView scene.
# From edge-react-gui 5fda91052954081a6231ac21ece0ab6aa8bae5cb
– committed Jul 8, 2022
– released in v2.18.0
Visiting a partner inside an EdgeProvider WebView logs the currently-selected wallet object to disk, including private keys.
# From edge-react-gui c7618cc13786df79110e4881634694132a27a8a4
– committed Feb 20, 2023
– release in v3.3.1
Fixes all above issues
For 8 years, Edge has prided itself on a stellar security record, securing millions in user funds with the ease that allows for mass adoption of true cryptocurrency self-custody. This failure was not up to the standard Edge users expect. Edge is using this experience to harden the platform and continue our mission: Empower users worldwide to interact with the crypto economy by making self-custody intuitive and accessible. We thank you for your continued support. Please reach out if you have any questions or concerns.
To provide users with more information about crypto markets, helping them make informed decisions, Edge has rolled out in-app market and asset views. Gone are the days of visiting external apps and websites to get a pulse on market activity — do so today inside of Edge.
Markets
Our latest 3.3.1 release introduces a new feature inside of Edge called Markets. Tapping into Markets shows a list of more than 10,000+ cryptocurrency assets ranked by market cap.
Information such as the price or volume of each asset, as well as a percent price change view for an asset of 1 hour, 1 day, 7 day, 30 day, or 1 year time frames is available. These are adjustable by tapping on the time frame to cycle through the different periods.
Additionally, users can scroll through the entire list or use the search bar to locate a specific asset. Each asset is tappable and can display more information when tapped into.
One of the most significant benefits of this feature is that it allows users to track and compare different assets all in one place. Rather than having to navigate through different websites and apps to find the information they need, users can access the relevant data within Edge. This feature is particularly useful for those who manage a diverse portfolio of assets and need to keep track of how each one is performing.
Asset View
To see more information on an asset, tap on an individual asset from the market view. Here, users will see in depth information on that asset, such as the circulating supply and a price chart showing the price history of the asset, filterable by specific timeframes.
The asset view also allows users to stay up to date on the latest developments in the cryptocurrency world. With real-time information on the performance of various assets, users can make more informed decisions and adjust their portfolios as needed.
This feature in Edge’s 3.3.1 roll out is an excellent addition for those looking to stay informed about the cryptocurrency market. With real-time data, comprehensive asset information, and the ability to track and compare different assets all in one place, this feature provides users with a powerful tool to help them make informed decisions and stay ahead of the curve.
