Fatal Error In the Trezor Hardware Wallets

1 min reading

A security flaw may be found even in hardware wallets. This time, Trezor was thoroughly scanned. There is no need to panic, though. See what a security flaw is and how to ensure the security of your own funds!

A security flaw in Trezor wallets

Up to now, hardware wallets seemed to be the safest solution when it comes to storing cryptocurrencies. Among the most popular cryptocurrencies is Trezor. However, it turns out that it also has its drawbacks. Some time ago, Kraken Security Labs made an announcement, informing that it has discovered a flaw in the wallets belonging to the manufacturer.

As it turns out, the time hackers need when physically accessing the victim's wallet to use the detected vulnerability and gain access to the encoded seed from the Trezor One and Trezor T is only 15 minutes. Moreover, the manufacturer of these hardware wallets has been aware of this particular flaw since they were designed.

Nick Percoco, Chief Security Officer in Kraken, explains, however, that this is a flaw in the equipment, so it cannot be formally updated. In order to solve this problem, the manufacturer would have to release new devices.

How to take care of the security?

If you are the owner of the Trezor hardware wallet, make sure to use the option to create an additional password securing your funds (BIP39). The manufacturer himself emphasized that users are immune to the attack presented by Kraken Security Labs if they use this feature.

Remember as well not to allow anyone physical access to your device. Trezor underlines that, as far as physical access is concerned, the risk of someone taking over the funds is equal to 6-9%.