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Software is Achilles Heel of Hardware Cryptocurrency Wallets

July 24, 2018

Cryptocurrency exchanges and private wallets have been fully in cyberattacker crosshairs as criminals seek to make the most of an exploding new financial market that some analysts say will reach $1 trillion by the end of the year. In response to these attacks, a number of manufacturers have come out with secure hardware wallets meant to harden the storage of the cryptographic keys that serve as proof of ownership of vast sums of money. However, a new piece of research expected out of Black Hat USA next month shows that these secure hardware storage devices may not be as locked down as their users expect them to be.

Presented by Sergei Volokitin, the research will show how software attacks can be used to break the Secure Element, the supposedly tamper-resistant hardware platform upon which these hardware wallets base their protection.

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