Ledger And Trezor Respond: Users’ Cryptocurrency Balances Are Safe

After research conducted by three engineers that claimed vulnerabilities in the crypto hardware wallets, Trezor and Ledger crypto wallet giants responded that cryptocurrency balances of their users are safe. In today’s crypto news we take a closer look at their statements.

The three engineers, better known as Dmitry Nedospasov, Josh Datko and Thomas Roth created a website named wallet.fail where they publish researches and presentations to the Chaos Communication Congress online. Just a day after two hardware crypto wallet giants responded.

Ledger explained in a blog post that the group of three presented 3 attack methods that could give the wrong impression that there are critical vulnerabilities on the Ledger devices but that is not the case. Ledger added:

‘’In the security world, the usual way to proceed is responsible disclosure… We regret that the researchers did not follow the standard security principles outlined in Ledger’s Bounty program.’’

They believe that the researches attacked the wallet with malware on the cryptocurrency owner’s computer by being nearby and remotely hacking the PIN to launch the application. Ledger thinks that this is an unpractical method and hackers use more efficient techniques. The company also denies that there is a bug in the firmware update function.
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Trezor, on the other hand, claims that there is vulnerability but a physical one that has been already identified:

‘’An attacker would need physical access to your device, specifically to the board—breaking the case. If you have physical control over your Trezor, you can keep on using it, and this vulnerability is not a threat to you.’’

Both of the wallets seem to be identifying the vulnerabilities and solving the issues quickly.