Beware of phishing attack on Trezor wallets: Here’s what you need to knowKraken 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.
2/ If you own a @Trezor wallet, this attack requires physical access to your wallet and, even then, you can protect yourself and your #crypto from this particular threat by enabling a BIP39 passphrase.
This is highly recommended: https://t.co/JJ2V1JWRU3.
— Kraken Exchange (@krakenfx) January 31, 2020
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.
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