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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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SafetyNet attestation has a more specific purpose than the lower-level API. It needs compatibility across an enormous range of devices and can't do pairing. If apps want something more they can use the lower-level API themselves. There are ways it could be made better though.
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Such as if for a newer attestation version, intermediates had a field added scoping them to specific brands or device models so that leaked batch keys for most other devices would be signed with an invalid intermediate for the brand/model. I'd rather have better pairing though.