Developer Confirms Malicious Firmware Update Can Compromise Trezor Device Security
A developer on Trezor’s official forum has acknowledged that a malicious firmware update can compromise the security of a Trezor device. This revelation has raised concerns among Trezor users about the safety of their assets stored in popular hardware wallets. Although open-source software and measures like hashes and signatures can help verify authenticity, they cannot entirely eliminate the risk of harmful code being included in official software releases. The developer warns that by the time such malicious activity is identified, it may have already caused significant damage to users. The uncertainty of future governmental actions and policies toward cryptocurrencies adds another layer of concern.
Main Points:
- A malicious firmware update can compromise the security of a Trezor device.
- Open-source software and verification measures cannot entirely prevent the inclusion of harmful code in official software releases.
- Identifying malicious activity may be delayed, causing significant damage to users.
- Uncertainties regarding future governmental actions and policies toward cryptocurrencies add to the concern.
- Trezor users are calling for increased transparency and exploring hardware wallets from alternative manufacturers.
Ledger Criticized for Risky “Recover” Feature
Ledger faced criticism when it announced the “Ledger Recover” feature, allowing users to extract and store their private keys on an external server. Critics argued that if the third-party server was compromised, it would put billions of assets at risk. Additionally, Ledger’s requirement for users to submit government-issued identities to access the feature raised concerns about privacy and security. This criticism comes after Ledger’s security breach in 2020, where over 270,000 physical addresses of their clients were stolen.
Hot Take:
The concerns raised by the developer and the backlash against Ledger’s “Recover” feature highlight the ongoing challenges of ensuring the security of cryptocurrency assets. As the popularity of hardware wallets grows, it is crucial for manufacturers to prioritize transparency, collaboration with the community, and proactive measures to detect and prevent malicious attacks. Users should also remain vigilant and explore alternative options that prioritize their security.
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