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If you are curious how all this thing works, check out this wiki page for a brief intro. en.wikipedia.org/wiki/Trusted_e As I said, if you manage to break into TEE, publish a paper, be famous (academically), and enjoy the bounty money 😉
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To hack this thing, you have to either find a vulnerability in TEE firmware (which will be patched ASAP once found) or hardware (less likely to happen) to break the cryptography. Breaking TEE won't be easy, which is why many security researchers are actively working on it.
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The bounty money is quite good, too. Up to $250K for RCE in the Pixel TEE, and up to $1M for the Titan M. As the author of keymaster and owner of keystore attestation, I strongly encourage everyone to find the vulns and collect the bounties! So we can fix the vulns, of course.
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If I'm not mistaken, Safetynet's security relies on all the ecosystem's TEE safety, not just Pixels. Once one is broken, everyone using Magisk (or whatever) can jump on this private key+fp. And from my lengthy experience, Android doesn't spend time towards its ecosystem's safety.
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Just thought I'd mention, the OnePlus 6 among other OnePlus devices also ship with a broken TEE implementation. Bootloader unlocked devices do not fail CTS, and a testing app that was made completely fails to list any information regarding attestation, keymaster, AVB or ROT.
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SafetyNet beginning to make basic usage of key attestation isn't universal, since devices without it still pass. That's still essentially a soft failure and they aren't necessarily using it on every device where key attestation is available. Not sure why it took so long either.