RATE Group | Popular Cryptocurrency Wallet Gets Cracked – In 15 Minutes: Kraken Report
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Popular Cryptocurrency Wallet Gets Cracked – In 15 Minutes: Kraken Report

31 Jan Popular Cryptocurrency Wallet Gets Cracked – In 15 Minutes: Kraken Report

Posted at 22:14h in Cryptocurrency News by

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Security researchers at the San Francisco-based cryptocurrency exchange Kraken say they have cracked a popular crypto hardware wallet.

Hardware wallets are physical devices that are used to store cryptocurrency such as Bitcoin, Ethereum, XRP, Litecoin and Bitcoin Cash. Kraken’s team says it took them 15 minutes to crack two Trezor wallets: the Trezor One and Trezor Model T.

Cryptocurrencies are secured through the use of cryptography and encrypted seed phrases. By exploiting a hardware glitch on the device, a bad actor who has direct physical contact with the wallet and enough skill could extract the encrypted seed phrase, leading to a loss of funds.

Kraken suggests two immediate remedies.

  • “Do not allow anyone physical access to your Trezor wallet. You could permanently lose your crypto.
  • Enable Your BIP39 Passphrase with the Trezor Client. This passphrase is a bit clunky to use in practice but is not stored on the device and therefore is a…

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