Supposedly, these cards come in sets of two or three. The idea is to offer a user-friendly alternative to more complex hardware wallets. But with convenience, does security take a hit? Let’s see what Ledger‘s team found.
According to Ledger, this bypass allows attackers to attempt approximately 2.5 passwords per second, dramatically speeding up the process of cracking those passwords, especially the weaker ones. Imagine trying to guess a PIN code – now imagine doing it hundreds of times faster. Not a good look for security.
You can learn more about brute force attacks and how to protect yourself from resources like OWASP’s guide on brute force attacks.
While Ledger claims responsible disclosure, Tangem’s assessment of the report downplays the risk, stating that the proposed attack “scenario does not pose a significant risk.” This difference in opinion highlights the ongoing debate about security vulnerabilities in the crypto space. Tangem does have some great resources on their website, including this article about cold storage, but it’s still important to be aware of the risks.
Even hardware wallets aren’t foolproof. Crypto security is a shared responsibility, requiring cooperation and consistent effort from both end-users and product development teams. Strong passwords, vigilance, and staying informed are crucial in protecting your digital assets. Always stay up-to-date with the latest security threats and best practices, like the ones detailed in NIST Special Publication 800-63.
