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Beam Wallet Malfunctions, Sends Users In a Panic Frenzy

A very popular wallet in the UAE, which allows customers to access goods and services through their phones, recently caused some blood pressures to rise amongst its users.
The wallet in question is Beam wallet. It is a cryptocurrency hard wallet which recently faced a minor technical glitch, which agitated its customers majorly. Usually cryptocurrency hard wallets   are considered a safe and secure tool for storing cryptocurrency. However, if they face any technical glitches, then that could induce panic amongst its users.
Beam wallet is explicitly made for people in the UAE. It uses a technology called Mimblewimble  which was launched very recently. However, post a few days of the launch, a critical problem was detected in the wallet which rendered it faulty and not suitable for sustained use.
Essentially a cryptocurrency wallet, post the launch of the new technology, the platform has a wide userbase of around 750,000, who use the wallet on a regular basis or are registered on the platform.
Once the cryptocurrency feature was initiated, the company declared that a “critical vulnerability” had been detected, which was being looked into by the company. However, the community by then went on edge and quickly stopped using the wallet. Panic ensued as Github advised the users to halt their use of the application and install a new version of it, after deleting the old one.
Usually hard wallet are considered one of the more safer ways of storing cryptocurrency. You essentially are not storing your cryptocurrency in the accound of the exchange you are buying it from, but rather a separate virtual space. It is generally considered more difficult for hackers to infiltrate any hardwares.
However, we have heard cases of previous hardware malfunctions. It is usually a glitch in the company’s own code or technology, rather than a result of any third party attack. As of now the situation is still unclear but we will update our readers once we have further news on this.

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