One of the most popular cryptocurrency wallets has been hacked

Eric Michaud, a specialist at the cybersecurity startup Unciphered, claims that he has managed to hack the popular Trezor T hardware crypto wallet manufactured by Satoshi Labs. In the video, the specialist demonstrates how to extract the wallet’s seed phrase by exploiting a vulnerability related to physical access to the device.

Hardware wallets, which store private keys offline and are designed to protect cryptocurrencies, are generally considered the most secure. However, Unciphered said that the security mechanisms of the Trezor T model can be bypassed by taking possession of the device itself. The Unciphered team discovered an internal vulnerability that allowed them to extract the wallet’s firmware.

Michaud noted that by using specialized GPU chips, Unciphered was able to crack the device’s seed phrase. The expert believes that the successful hacking of Trezor T should lead to the recall of all Satoshi Labs products. In turn, Trezor admitted that Unciphered’s discovery is similar to a vulnerability previously discovered by Kraken Security Labs. The problem then affected both Trezor One and Trezor Model T. So, the vulnerability is not new.

Previously, Unciphered has already demonstrated the hacking of a wallet manufactured by the Hong Kong company OpeKeu — cyber experts hacked the crypto wallet in just a second. According to the experts on their YouTube channel, OneKey was vulnerable to interception of an unencrypted mnemonic phrase. According to Unciphered, the discovered exploit is extremely critical for the security of OneKey wallets. However, the developers of the crypto wallet do not think so.