Ledger’s Donjon research team has identified security vulnerabilities in MediaTek processors (commonly used on Android phones) that could allow malicious actors to steal phone pins and their crypto seed phrases in seconds. The attack is said to occur even when devices are turned off.
The team conducted a proof-of-concept test, where they successfully obtained sensitive information related to several software (aka hot) crypto wallets. Victims included Trust Wallet, Kraken Wallet and Phantom.
Crypto theft on Android OS
Charles Guillemet, the Chief Technology Officer at hardware wallet company Ledger, called the development a “reminder that smartphones aren’t built for security.”
Guillemet added that this could have affected “millions” of Android phones, which dominate global usage due to economic and availability factors.
Following the reportMediaTek took action to fix the bug, while Trust Wallet introduced a new security feature that prevents manipulation of crypto addresses.
Which method of storage is safe?
Hardware/cold wallets, such as Ledger and Trezor, have built a reputation for offering better security to cryptocurrencies compared to software wallets. This is because they use chips separate from the phone’s main processor.
Yet, with 78% global usage, hot wallets are the dominant choice among crypto holders due to their cost-efficiency and ease of use.
Even then, cold storage users have fallen victim to crypto theft through social engineering, supply chain tampering, physical device extraction, and blatant recklessness.
A good example of the latter is the South Korean tax authorities, which accidentally placed the seed phrase on a seized crypto hard wallet. An example of brute force attacks is the recent case of the French couple who were robbed of almost $1 million worth of Bitcoin.
As far as operating systems go, iOS users have not been completely spared, as the Coruna vulnerability collects sensitive cryptocurrency information on older iOS versions.
User keys can still be stolen when running a node, so perhaps multisig wallets are one of the most ‘fireproof’ methods of storing cryptocurrencies.
Trust CoinPedia:
CoinPedia has been providing accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict editorial guidelines based on EEAT (Experience, Expertise, Authoritativeness, Trustworthiness). Each article is fact-checked from reputable sources to ensure accuracy, transparency and reliability. Our review policy ensures unbiased evaluations when recommending exchanges, platforms or tools. We strive to provide timely updates on everything crypto and blockchain, from startups to industry majors.
Investment disclaimer:
All opinions and insights shared represent the author’s own views on current market conditions. Please do your own research before making any investment decisions. Neither the writer nor the publication accepts responsibility for your financial choices.
Sponsored and Ads:
Sponsored content and affiliate links may appear on our site. Ads are clearly marked and our editorial content remains completely independent from our advertising partners.
Credit : coinpedia.org
