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kanaas

how much should one (dis)trust hardware wallets

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38 minutes ago, jheff said:

I bought a wallet from a third party vendor and another from Amazon. They don't have my private key because I generated it after they shipped it to me.

So you are absolutely certain that they had not installed their own firmware that say for instance, irrespective of seed only generates an address on a whitelist they already have the keys to?

I would suggest that you are probably ok because of the statistics but there is definitely a chink in your armour that if you are unlucky might mean the loss of your coins.

Depending on the sophistication of the bad guys,  even resetting and updating the firmware might not remove the malware if it’s in there.  But statistically you are probably ok.  Safer to buy direct or use a paper wallet (assuming competence in prophylactic measures).

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19 hours ago, kanaas said:

And now I was wondering: with this kind of hard and firmware build devices: Can hackers this way go after your secret keys and/or funds (even if you've entered pass phrases or accounts created afterwards)

Potentially yes. Don't use the device to store large amounts of crypto.

Also you publicly said part of the amount of crypto you have which is very wrong since crypto-social hackers are really good nowaday. For example without doing any research I know you are a whealty person originating from holland and you belongs to a particulare age zone.

With a slight research (5 minutes) I know you probably have 1M+ XRP, you used CEX.IO, Bitstamp, Gatehub, Wirex. Scary ;).

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Aren't most big exchanges storing tokens in air-gapped different geo-locations? Even GateHub's own air-gapped wallets seemed save whereas ledger wallets were not.

Also, compared to fiat thefts from banks, it would be interesting to know how much fiat is stolen from bank accounts compared to tokens stolen from crypto exchanges.

Add the hardware component of hardware wallets. Okay, you have a 24-word key to restore should the hardware wallet fail.

The major risk with exchanges is that they might go out of business, for whatever reason.

Edited by panmores

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