Are popular hardware wallets not that safe? Results of a new survey reveal the truth

A hardware wallet is often recommended as one of the safest for keeping digital funds. However, new research revealed that it’s not that safe as was considered before and can also get hacked.
A hardware wallet is a device that resembles a USBdrive designed to store your digital assets and keys without internet connection. The cryptocurrency holders who cared much about the security often preferred this method of storage to feel peace of mind. But this is in the past. In accordance with a new survey, the intruders can steal your money even from them.
It turned out that the hacker can easily determine the PIN of the wallet. It was proved by the research group from Ledger, a well-known company that specializes in the production of such wallets. They obtained permission to attack the Shapeshift and Coinkite hardware wallets. And, though the manufacturers have removed the vulnerabilities, the company producing them warns its owners wallets to be very careful and keep an eye on them.
If these wallets are not ideal any longer, what should we do? First of all, it’s worth saying that the attacks that were initiated by developers to check their safety still required physical access to the device.
It took some time for the developers to prepare the attack and only after this preliminary work the invulnerability was disclosed. It means that cybercriminals need time, resources, and technology so that they could do something with your wallet. Therefore, you should do everything to keep this item secure to prevent such a situation.
It is also required to use the 2nd layer of authentication for better security. For instance, the KeepKey owners can use the phrase more than 37 characters for it.
With the correct approach and high level of security, it’s possible to store huge amounts in such wallets. Even cryptoexchanges often choose them for cold storage, – admits Charles Guillemet, who is taking the position of the chief technology officer of Ledger.
The companies producing hardware wallets try to look for vulnerabilities and correct them, therefore, it’s important for holders of these wallets to download updates in time to stay secure.

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