Hot search keywords

Hot search keywords

Chinese Community Question Integrity Of Hardware Wallet

Redditor moodyrocket find his “life saving” wiped out after he transferred $34,000 of crypto on the Nano Ledger hardware wallet, which he acquired second hand from online seller. 8btc posted the Chinese translation and the news trigger questioning on the integrity of hardware wallets. Some opinion leaders said hardware wallet was not safe and should be taken with caution. With the critical flaw of Meltdown and Specure, people tend to believe that bitcoin hardware wallet is safe since it’s not related to the chips on market. However, the loss of Mr.moodyrocket reminds people that nothing is certain in the wild world of cryptocurrency.

Jiang Zhuoer, founder of multiple mining pools, said:

20180109122905

Hardware wallet is not safe. Seller pulled off the trick this time. What if manufacturer decides to make a quick fortune? Manufacturer could set up backdoor by generating weak private key( random number that could be easily cracked by brute force). Even if your wallet is in cold storage, the manufacturer could rip you off your entire stash by brute force. It’s difficult to do code review for hardware wallets. So far the most secure storage is to download software wallet and check the hashing of installation package.

 

Hu Yilin, Ph.D of Beijing University and Associate professor of Tsinghua University, believes that a bigger conspiracy is going on.

20180109114532

It’s easier for the producer to plant backdoor in the hardware wallet. Maybe they have already done that and they are waiting for more fish then close the door. This is not exaggeration because the benefits and risks are not in proportion. I don’t trust any hardware wallet unless it’s built by myself.

Changyong, professor of Chongqing University of Technology and Business, said:

It’s vital to understand the basics of cryptocurrency and blockchain. If you understand what private key is and you will be less likely to fall victim of such scam. This is the one of the risks using hardware wallet. I stress that hardware wallet is not completely safe and this is proof. Such problem must be fixed for any hardware wallets.

Changyong recently launched a training program for locals to learn about more about cryptocurrency and bitcoin. He believe that the lack of such program

Perhaps Wang Chuan summarized it best:

Rule #1 in Bitcoin: Trust no one!

COMMENTS(7)

  • Red Li
    2 weeks ago Red Li

    Chinese Community Question Integrity Of Hardware Wallet | http://NEWS.8BTC.COM http://news.8btc.com/chinese-community-question-integrity-of-hardware-wallet …

  • BitcoinAllBot
    2 weeks ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • VKAllen
    2 weeks ago VKAllen

    Let’s also not forget that the government of China is trying to take down miners, thus any information from China should be regarded with a grain of salt.

    Also important;

    … bought second hand …

    Never EVER purchase second hand hardware wallets.

  • CryptoSurfer
    2 weeks ago CryptoSurfer

    Chinese Community Question Integrity Of Hardware Wallet – 8BTC via BTCnews on iOShttp://news.8btc.com/chinese-community-question-integrity-of-hardware-wallet …

  • exab
    2 weeks ago exab

    The Chinese already made a malicious backdoored Ballet Trezor clone with tracking super cookie

    It’s off topic, but talking about backdoors made by Chinese, there is also AntBleed.

    Trezor mixes device hardware random + PC random entropy to generate the seed

    How?

  • Aussiehash
    2 weeks ago Aussiehash

    FUD
    The Chinese already made a malicious backdoored *BWallet Trezor clone with tracking super cookie
    You can generate your own BIP39 mnemonic seed offline with dice and restore it safely on to a Trezor/Keepkey/ledger (you can even do it with a ledger + USB battery)
    Trezor mixes device hardware random + PC random entropy to generate the seed
    Ledger attestation means a fake/evil maid clone will be detected when using their Chrome wallet.
    Passphrase FTW

Please sign in first