What do I do now?
Here’s what you can do to avoid trouble. First, don’t allow anyone physical access to your Trezor wallet. The company warns that because of this you could lose your crypto.
Besides, the company recommends to “Enable Your BIP39 Passphrase with the Trezor Client.“
Even though this passphrase is “clunky,” it’s still a viable option. Primarily because it “is not stored on the device and therefore is a protection that prevents this attack.”
Kraken Security Labs note that they’ve already done research on this regard. Specifically, against the KeepKey wallet. To remind, the KeepKey is a derivative and all devices rely on the same family of chips.
The white hackers also add that Trezor has known that its wallets are not fully safe. Even in the inception stage. The company also notes that other teams, including Ledger Donjon, had already proved it, but they never revealed the details.
Lastly, Kraken Security Labs note that they’re working with the Trezor team “to coordinate this disclosure.” The team has also responded to the news in a separate article. In it, it emphasizes the need to use a passphrase. And calls it “an exceptionally secure layer of active protection.”
Yet, there are a few things to keep in mind. And before you start using the passphrase, ask yourself these questions: “Are you able to create a strong and memorable passphrase? Does anyone know how many bitcoins do you have? Do you possess enough bitcoins to become a worthy target?”
Remember, only you can answer these questions. And only you can do your own research when choosing the best wallet for storing your crypto. Be careful with what companies promise you and don’t trust everything you read.
Previously, Altcoin Buzz covered Bitmex’s big mess.