What level of cyber risk does the Telegram Passport app pose to the cryptocurrency ecosystem?

Colleagues, the Telegram Passport app promised ease of use and security for the cryptocurrency community and other end-users by storing your personal data in its cloud-based app. The company it wants to bring Blockchain-based payments to the Telegram chat app, which is popular among the crypto community and third party developers can access the Passport Integration Guide. Security researchers have identified two weaknesses inherit in this app. First, Telegram uses SHA-512 to hash passwords. And second, it is prone to spearphishing, insider threats or simply a rogue USB stick. Cryptocurrencies and exchanges may be the chief beneficiaries of this authentication model. Telegram says developers can integrate it in their apps and services at no cost. The first company to support Passport is UK-based ePayments. Bottom line: the Crypto Academy questions just how pervasively Passport will be used among the crypto ecosystem. Moreover, Telegram may need to strengthen Passport’s 256 bit security algorithm as soon as a better protocol becomes available. Send us your comments today! Lawrence – Cryptocurrency Academy (https://cryptocurrencyacademy.blogspot.com/)