Kraken uncovers Trezor Wallet flaw

Kraken uncovers Trezor Wallet flaw

Kraken Security Labs have uncovered serious a Trezor wallet flaw. Vulnerability issues in hardware wallets always have scared of the crypto industry. Now, Kraken has revealed vulnerability concerns through a Trezor wallet flaw in both their One and T models.

The Trezor wallet flaw allows hackers to extract seeds from the hardware wallets. This can lead to serious security concerns for wallet users. What makes it dreadful is the fact that hardware wallets are regarded as highly safe.

Trezor wallet flaw allows unsecure seed extraction

Researchers from Kraken Security Labs have found a vulnerability in Trezor One and T wallet keys. The said flaw occurs due to voltage fluctuation in the micro-controller. The hardware elements in these wallets are responsible for many critical issues including seeds. Similar hardware vulnerabilities have been found to occur in many other hardware wallets.

The Trezor wallet flaw is pretty easy to exploit due to simple voltage manipulation. However, the hacker must have physical access to the device. This scenario limits its real-world implications. Hardware wallet cracking devices are also widely available in the market. The actual process takes a mere fifteen minutes with specialized equipment.

Fortunately, the Trezor team took quick notice of this vulnerability and posted a reply. It seems that they were already aware of the flaw and were working towards a solution. However, the team would have to undertake extensive hardware redesign to fix this Trezor wallet flaw.

Wallet vulnerabilities are rising across the spectrum

The storage of crypto tokens is fast becoming a challenging affair. Now, hardware wallets have also come under intense scrutiny due to rising vulnerabilities. Still, they are the most preferred and secure way to store cryptocurrencies. Desktop wallets aren’t safe against malware and keyloggers.

Investing in a quality hardware wallet is essential to secure your digital currency. Wallet insurance is also emerging as a viable alternative. But many crypto purists have slammed the high fees charged by these firms. It will be interesting to see how the crypto realm responds to the Trezor wallet flaw.

Featured Image by Pixabay

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

Related News

Hot Stories

Bitcoin price analysis: BTC coin suffers downtrend at $23,010 as bearish market sentiment continues
Litecoin price analysis: LTC/USD slides downward, reaching the $88.02 level
Aave price analysis: Bears drag AAVE down to $85.33
How two 19-year-old scammers are launching NFT projects and rugging the collectors
What are CBDCs And Their Role in the Future of Finance?

Follow Us

Industry News

Sam Bank-Fried seeks access to FTX
CZ predicts a dire future for traditional institutions not embracing crypto
US prosecutors submit a new petition to ban SBF
The mystery  behind Binance's ownership of WazirX
Tykhe Block Ventures raises $30m to invest in blockchain and web3 startups in MENA

Add Your Heading Text Here