Tag Archive for: wallet

Security Firm Unciphered Posts a Video Showing a Hack of Trezor T Wallet – 24/7 Wall St.

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May 24, 2023 10:12 pm

Last Updated: May 25, 2023 11:40 am

Unciphered, a cybersecurity firm specializing in cryptocurrency recovery, posted a video in which it claims to be able to extract the seed phrase from Satoshi Labs’ Trezor T hardware wallet. The hack, however, requires both the physical possession of the wallet and specialized equipment.

Unciphered Showcases New Vulnerability of Trezor T Hardware Wallet

This Wednesday, a cybersecurity firm called Unciphered posted a video in which it claims to showcase a successful hack of Satoshi Labs’ Trezor T wallet. In the video, the company dismantles the hardware before successfully extracting the mnemonic seed phrase.

Unciphered also claims that there is no way to fix the vulnerability used for the hack other than a recall of all Trezor T wallets. The hack, however, requires the physical possession of the hardware wallet, as well as a set of specialized tools.

The demonstration sparked some speculation that Unciphered merely rediscovered a vulnerability that has been known for years, but the company denied it stating that said issue was patched in 2019. According to the firm, the vulnerability, as well as the method to exploit it have been developed “in-house”.

Hardware Wallet Security Increasingly In Question

Considering that they are designed to keep cryptocurrencies and access codes away from the internet—and, by extension, away from would-be thieves—hardware wallets have long been considered among the safest ways to store digital assets. This reputation even saw them surge in popularity as investors fled from major centralized cryptocurrency firms in the immediate aftermath of the collapse of FTX.

Recent weeks have, however, put a dent in hardware wallets’ reputation for safety. The most high-profile event that caused the new trend has been the announcement of Ledger’s new feature—Ledger Recover. The new feature coming from one of the largest hardware wallet companies sparked fears that they may ultimately have critical vulnerabilities and enable thieves to access investors’ cryptocurrency.

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Security Firm Unciphered Post a Video Showing a Hack of Trezor T Wallet

/in


Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

Unciphered, a cybersecurity firm specializing in cryptocurrency recovery, posted a video in which it claims to be able to extract the seed phrase from Satoshi Labs’ Trezor T hardware wallet. The hack, however, requires both the physical possession of the wallet and specialized equipment.

Unciphered Showcases New Vulnerability of Trezor T Hardware Wallet

This Wednesday, a cybersecurity firm called Unciphered posted a video in which it claims to showcase a successful hack of Satoshi Labs’ Trezor T wallet. In the video, the company dismantles the hardware before successfully extracting the mnemonic seed phrase.

Unciphered also claims that there is no way to fix the vulnerability used for the hack other than a recall of all Trezor T wallets. The hack, however, requires the physical possession of the hardware wallet, as well as a set of specialized tools. 

The demonstration sparked some speculation that Unciphered merely rediscovered a vulnerability that has been known for years, but the company denied it stating that said issue was patched in 2019. According to the firm, the vulnerability, as well as the method to exploit it have been developed “in-house”.

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Hardware Wallet Security Increasingly In Question

Considering that they are designed to keep cryptocurrencies and access codes away from the internet—and, by extension, away from would-be thieves—hardware wallets have long been considered among the safest ways to store digital assets. This reputation even saw them surge in popularity as investors fled from major centralized cryptocurrency firms in the immediate aftermath of the collapse of FTX.

Recent weeks have, however, put a dent in hardware wallets’ reputation for safety. The most high-profile event that caused the new trend has been the announcement of Ledger’s new feature—Ledger Recover. The new feature coming from one of the largest hardware wallet companies sparked fears that they may ultimately have critical…

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Tonkeeper Wallet for Android rolls out staking option and enhanced security features

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The Tonkeeper Wallet app for Android has recently added a new staking option for TON, bringing delegated staking to all users. This feature allows users to delegate their Toncoins to validators, who participate in the network’s consensus protocol. This addition also includes a convenient option to top up your TON wallet directly from the staking screen. However, the app reminds users to be cautious, as the staking option relies on third-party smart contracts.

How to access and use the staking feature:

  1. Open the Tonkeeper Wallet app on your Android device.
  2. From the home screen, you’ll find the staking option.
  3. Select the desired validator (operated by Ton Whales) to delegate your Toncoins to.
  4. Your Toncoins will then increase the stake of the chosen validator.
  5. Monitor the status of your staked coins in real time and top up or withdraw coins as needed.

The staking feature is particularly useful for users who want to benefit from the delegated staking model while keeping their coins secured by smart contracts that guarantee all penalties are paid by the validator in case of any discrepancies. This model offers a real-time overview of your investments and the convenience of managing your staking directly from the app.

Tonkeeper – Apps on Google Play

Wallet app for storing, sending and receiving Toncoins.

Tonkeeper Wallet is an innovative Android app designed for users to manage their TON cryptocurrency holdings securely and efficiently. The app offers an easy-to-navigate interface, allowing users to access their TON wallets, monitor transactions, and manage their assets with ease. The news about the staking feature comes from the Google Play release notes, which provide detailed information on updates and features included in the app.

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Robinhood’s wallet app is now available to all iOS users

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Image Credits: Robinhood

Robinhood announced Wednesday that its self-custodial crypto wallet app is now for all users on iOS. The wallet first debuted last September in beta with 10,000 users and no network charges for swapping Polygon’s MATIC tokens. In January, the company rolled it out to over 1 million users on the waitlist.

While the app first launched exclusively with Polygon, the company has now included the Ethereum blockchain in the fold along with support for more than 50 ERC tokens like COMP, MATIC, SHIB, SOL, UNI, USDC, and more.

“Users told us they want access to more coins on more chains, which is why we’ve quickly added support for Ethereum. While we recognize it’s been a tumultuous few months in the crypto space, we remain committed to our mission to make Robinhood the most trusted, lowest cost, and the easiest-to-use on-ramp to crypto,” Johann Kerbrat, GM of Robinhood Crypto, said in a blog post.

The Robinhood Wallet also lets users hold their Polygon and Ethereum-based NFTs. Plus, they can access to dApps like Uniswap, Balancer, and Kyberswap. The company noted that it will still not charge any network fees on Polygon.

The fintech company said that for security, users will have to set up a FaceID/Touch ID unlock or a custom PIN to access the app every time. Plus, just like other self-custodial wallets like MetaMask, users will have to generate and store a recovery phrase.

Robinhood said that the app is available across 130 countries on the Apple App Store, and it is working on launching the Android version later this year.

Earlier this week, the US Security and Exchanges Commission (SEC) subpoenaed the company over its cryptocurrency dealings. Meanwhile, robo-advisor company Wealthfront launched has launched a rival stock trading solution that lets users invest as little as $1.

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