Ledger to Report on Trezor Vulnerabilities

As reported, the security research by the Attack Lab found 5 serious vulnerabilities 
12 March 2019   1630

The leading manufacturer of cryptocurrency hardware wallets Ledger spoke about the vulnerabilities identified in the devices of his direct competitor Trezor. This is stated in a message distributed by the French company on Monday, March 11.

The Ledger study states that the vulnerabilities were discovered by employees of Attack Lab, a division of the company, which, to increase security, hacks both own wallets and competitors' devices. Representatives of Ledger claim that they have repeatedly contacted Trezor regarding the weak points in their Trezor One and Trezor T wallets, and after the disclosure period ended, they decided to make them public.

The first problem is related to authenticity of devices. As Ledger claims, the Trezor device can be simulated by hacking it with malware, and then resealing it in a box, forging a sticker designed to protect against unauthorized access. The latter, said the French company, is easy to remove. It is also claimed that this vulnerability can be eliminated only by reformatting the entire design of Trezor wallets, in particular, by replacing one of the main components with the Secure Secure chip.

Secondly, Ledger hackers were able to pick up a PIN on a Trezor wallet using an attack on a third-party channel. Later, Trezor solved this problem in its firmware update 1.8.0.

The third and fourth vulnerabilities, which Ledger also proposes to eliminate by replacing the main component with the Secure Element chip, are the possibility of stealing confidential data from the device. Ledger claims that an attacker with physical access to Trezor One and Trezor T can extract all data from flash memory and gain control over the assets stored on devices.

The last discovered weakness is also related to the Trezor security model: as stated by Ledger, the Trezor One cryptographic library does not contain adequate countermeasures against hardware attacks. It is alleged that a hacker with physical access to the device can extract the secret key through an attack on a third-party channel, although Trezor claimed that his wallets are resistant to such an attack.

It is noteworthy that in November 2018 Trezor representatives themselves warned that an unknown third party was distributing individual copies of their flagship device, Trezor One, urging users to buy wallets only through their official website.

However, in its report, Ledger claims that users cannot be sure, even if they buy equipment on the Trezor website. An attacker can buy multiple devices, hack them, and then send them back to the manufacturer for compensation. Ledger researchers conclude that if a compromised device is resold, user cryptocurrencies may be stolen.

There's no comment from Trezor team yet.

Ledger to Help NDAX Exchange to Store Crypto

NDAX believes big players are not in a hurry to invest in crypto because of the lack of reliable solutions for asset storage and they are going to fix it
30 April 2019   276

The hardware wallets manufacturer Ledger has provided the Canadian National Digital Asset Exchange (NDAX) with the blockchain solution Ledger Vault, which will allow you to safely store the digital assets of the clients of the site.

According to NDAX representatives, institutional investors are not in a hurry to invest in cryptocurrencies precisely because of the lack of reliable solutions for their storage.

The recent QuadrigaCX scandal, during which some $190 million of customer funds vanished, was a major wake up call to cryptocurrency investors worldwide. Our partnership with Ledger Vault to provide custody for all of the crypto assets NDAX supports, including Bitcoin, Ethereum and XRP, will reinforce NDAX's mission to bring cryptocurrency mass adoption.
 

Bilal Hammoud

Founder and CEO, NDAX

NDAX offers banks, hedge funds and family investment firms an infrastructure for managing cryptocurrency assets. In turn, the Ledger Vault technology provides multiple authorizations to ensure direct access to digital assets without compromising their security.

Secure storage of large digital asset funds is complex, and exchanges and institutions are looking for safe, comprehensive and integrated solutions. By leveraging the Ledger Vault, NDAX will give investors total control of and instant access to their funds while giving them peace of mind that their assets are secure, without sacrificing convenience.
 

Demetrios Skalkotos

Global Head, Ledger Vault

In addition, the Ledger Vault solution will provide customers with a number of advantages. In particular, the control of private keys will be carried out through segregated accounts, and the hardware security module will allow you to add additional key holders in case of an emergency.