I just saw this video with the title I mentioned above, This proves one thing for sure, In future at some point all Hardware wallets will have some successful hacking attempts, Correct me if I am wrong but at this point the only thing safe is a "Passphrase" created on top of your Seed. I think nothing else can save us from these hacks if by any chance you loose your wallets.
Joe Grand's New Trezor Hacking method "$75,000,000 Crypto Wallet Bulk Hack"
byu/Head_Work8441 inBitcoin
Posted by Head_Work8441
5 Comments
No one’s hacking anything in bitcoin any time soon. Stop believing the nonsense AI/quantum FUD. I suggest looking into the cryptography behind bitcoin and why it’s so difficult to break instead of some random YouTube crypto influencer.
If Bitcoin is hacked, the world is hacked. And it won’t be the first thing targeted
A complex passphrase is fundamental opsec.
It’s much more possible to hack the hardware that stores a seed, that’s not hacking sha256
What Joe is doing is exploiting flaws in the chip in the hardware wallet that securely holds the private key info. He’s not hacking the Bitcoin encryption.
People that know way more about these chips than I do explained all of the hardware key devices in-fact use commodity chips. Most of those are made overseas and each have flaws and potentially back doors. The guy I was speaking to in Prague told me because the chips are also used by military device manufacturers, when the hardware wallet manufacturer finds one of these flaws (and they do), they are usually hamstrung by iron clad NDAs and can’t talk about them. Three letter agencies have also contacted them to keep findings secret.
One thing to note, some hardware wallets have multiple secure chips and save parts of the key across multiple chips from different manufacturers. In theory those are more safe and harder to hack. ColdCard I believe does this.
All of this to say that a hardware wallet is a good idea, however you do need to ensure it is as physically as secure as your backup seed phrase etching. There are guys like Joe Grand that can potentially hack the chip with the right tools.
By the way, Joe Grand’s video is fucking awesome.