KCEX

We express our gratitude to the KCEX team for the collaborative engagement that enabled the execution of this Mobile Pentest.

The system users should acknowledge all the risks summed up in the risks section of the report

Threat Modeling and Attack Scenarios

As part of the security assessment for the iOS mobile application, this threat modeling report analyzes potential vulnerabilities specific to mobile app architecture, including insecure data storage, reverse engineering risks, and improper session management. The objective is to identify possible attack vectors, assess the associated risks, and recommend mitigations to enhance the application's security posture, safeguarding it against adversarial threats and ensuring the protection of sensitive user data and app functionality.

1\. Insecure Data Storage : Sensitive information (e.g., tokens, credentials) may be stored in insecure locations such as NSUserDefaults, exposing it to attackers with physical access or access via malware.

• Potential Impact: If compromised, attackers can retrieve sensitive user data, leading to privacy violations, account takeovers, or other unauthorized actions.

2.Jailbreak Detection Bypass: iOS apps often include jailbreak detection to prevent running on compromised devices, but poorly implemented detection can be easily bypassed.

• Potential Impact: Running the app on a jailbroken device can bypass security controls, allowing attackers to manipulate the app, access sensitive data, or disable key security features.

3.Insecure Code and Binary Protection: Lack of binary obfuscation or secure code signing makes it easier for attackers to decompile and understand the app's internal logic.

• Potential Impact: Attackers can modify the app’s behavior, such as bypassing payment systems, altering functionality, or exploiting vulnerabilities in the code.

4.Insufficient Cryptography: Weak or improperly implemented cryptographic algorithms (e.g., hardcoded keys, weak encryption) leave sensitive data vulnerable to decryption.

• Potential Impact: Attackers can decrypt sensitive data such as passwords or personal information, leading to data breaches or unauthorized access.

5.Insecure Application Logs: Logging sensitive information such as API responses or user data in the app’s logs can expose it to attackers with access to the device or the app’s logs.

• Potential Impact: Attackers can extract sensitive information from logs, leading to account compromise or privacy violations.

6.Improper Certificate Pinning: Failure to implement certificate pinning leaves the app vulnerable to MitM attacks, where an attacker can intercept and manipulate data between the app and its server.

• Potential Impact: Compromised communication allows attackers to steal sensitive information, manipulate transactions, or inject malicious data.

7.Insufficient TouchID/FaceID Protection: Inadequate implementation of biometric authentication can lead to unauthorized access if the biometric checks are bypassed or incorrectly verified.

• Potential Impact: Attackers could bypass biometric authentication, gaining unauthorized access to sensitive app functions or user accounts.

8.Insecure Use of WebViews: WebViews embedded in the app can expose the app to client-side attacks like cross-site scripting (XSS) or insecure browser-based interactions.

• Potential Impact: Attackers can execute malicious scripts or hijack sensitive user data through insecure WebView configurations.

9.Hardcoded Sensitive Data: Sensitive information, such as API keys, encryption keys, or tokens, may be hardcoded in the app's source code, which can be extracted through reverse engineering.

• Potential Impact: Attackers can extract hardcoded secrets from the app’s binary, gaining access to backend services, sensitive user data, or performing unauthorized operations.

10\. Insecure Debugging Information: Debugging features left enabled in production builds may expose detailed system information, such as file paths, database queries, or application logic, which attackers can exploit.

• Potential Impact: Attackers can exploit exposed debugging data to better understand the app’s architecture, identify weaknesses, and develop targeted attacks against the system.

11.Insecure Clipboard Handling: Sensitive data copied to the clipboard (e.g., passwords, tokens) can be accessed by other apps on the device, leading to data leakage.

Potential Impact: Attackers or malicious apps on the device can access clipboard data and extract sensitive information like authentication tokens, compromising accounts and user privacy.

Executive Summary

A security assessment was conducted on the iOS application to evaluate its resilience against common mobile threats and attack vectors. The evaluation identified several vulnerabilities that may impact the confidentiality, integrity, or reliability of the application.

SSL Pinning Bypass: The application fails to enforce strong certificate validation, making it susceptible to Man-in-the-Middle (MitM) attacks during network communication.

Weak Proof-of-Work (PoW) Mechanism: The current PoW implementation lacks sufficient complexity, potentially allowing attackers to bypass or abuse it through automation or brute-force techniques.

Additionally, multiple low-risk findings were detected:

App Transport Security (ATS) Disabled: Global ATS deactivation allows unencrypted HTTP connections, which may expose sensitive data in transit.

Lack of Anti-Hook and Anti-Debug Protections: Absence of runtime protections may enable attackers to manipulate or inspect the app using dynamic analysis tools.

Lack of Jailbreak Detection: The application does not verify the integrity of the device environment, which could allow execution on compromised devices.

Third-Party Keyboard Usage Allowed: Sensitive input fields are exposed to third-party keyboards, posing potential privacy concerns.

KCEX is a centralized cryptocurrency exchange established in 2021 and headquartered in Mahe, Seychelles.  The platform offers secure and convenient trading services for various digital assets, including Bitcoin and Ethereum, supporting both spot and futures trading with low fees suitable for both beginners and professional traders.

With a team of 51-200 employees, KCEX is dedicated to empowering both seasoned traders and aspiring crypto enthusiasts on their journey into the world of digital assets.  The platform provides a range of features to cater to users’ cryptocurrency trading needs, including futures trading and daily trading competitions.

KCEX emphasizes security by implementing robust security protocols, including storing 100% of user assets in cold wallets to protect against unauthorized access and potential breaches.  Additionally, the platform offers high-performance trading capabilities, with a matching engine capable of processing over 100,000 transactions per second (TPS), ensuring swift trade executions even during periods of high market volatility.

The exchange also provides a referral program where clients can earn rewards for inviting other traders to join the platform.  Furthermore, KCEX offers multilingual, high-quality services 24/7 to over 1 million users in dozens of countries worldwide.

As with any cryptocurrency exchange, it’s essential for users to exercise caution, conduct thorough research, and consider both the benefits and potential risks before engaging in trading activities on the platform.

The scope of the project includes the following

Assets in Scope