Category Archives: Ledger Blue

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Glitch in UAE’s Beam Wallet Gives Users Jitters

Glitch in UAE's Beam Wallet Gives Users Jitters

Cryptocurrency hard wallets are regarded as an extremely safe way of storing cryptocurrency these days, but when they go wrong, such as happened with Beam Wallet recently, users become nervous.

Beam Wallet is a tech company which allows UAE customers access to goods and services via their phones, tapping into its wallet application. A critical vulnerability found in the cryptocurrency wallet occurred just days after the wallet’s tech, called Mimblewimble, went live enabling cryptocurrency transactions. The firm’s website claims that over 750,000 users access the wallet.

As soon as the wallet’s crypto facility was up and running, the company was forced to announce a “critical vulnerability”, which it claimed that it was racing to fix as quickly as possible. A Github posting quickly advised Beam users to stop using the application, and delete or uninstall and subsequently download a fresh, unadulterated, version.

This is not the first of such hard wallet vulnerabilities to have occurred after a research team claimed last year that they were able to successfully hack the Trezor One, Ledger Nano S and Ledger Blue wallets, posting a video showing their process. The team was supposedly able to exploit a weakness in Trezor One hardware wallets which didn’t have a set passphrase by the owner, extracting the private key by overwriting data using a custom firmware.

Hard wallets are generally foolproof and secure, although hackers are always on the alert for vulnerabilities in order to exploit these and access user details. Wallet vulnerabilities are, nonetheless, rare.

 

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Major Hard Wallet’s Vulnerabilities Exposed

Major Hard Wallet Vulnerabilities Exposed

A research team claims they were able to successfully hack the Trezor OneLedger Nano S and Ledger Blue wallets, posting a video showing their process.

The “Wallet.fail” hack demonstration took place at the 35C3 Refreshing Memories conference, led by hardware designer and security researcher Dmitry Nedospasov, software developer Thomas Roth and security researcher Josh Datko.

The team was able to exploit a weakness in Trezor One hardware wallets which didn’t have a set passphrase by the owner, extracting the private key by overwriting data using a custom firmware. The chief technology officer (CTO) of Trezor’s parent company SatoshiLabs Pavol Rusnak responded on Twitter, saying a firmware update will be established at the end of next month to address this vulnerability.

With regards to #35c3 findings about @Trezor: we were not informed via our Reponsible Disclosure program beforehands, so we learned about them from the stage. We need to take some time to fix these and we’ll be addressing them via a firmware update at the end of January.

— stick⚡Pavol Rusnak @ 35c3 (@pavolrusnak) December 28, 2018

The Ledger Nano S was found to allow the installation of any firmware, which the research team exploited to play Snake on the device. Ledger Blue also showed weaknesses, leaking signals as radio waves when operating which, according to the researchers, were strong enough to be detected from several meters away when a USB cable was attached.

These vulnerabilities follow reports in August that a teenager was able to hack a BitFi device, something denied by producers as no coins were actually extracted.

 

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