A hardware wallet is a cryptocurrency wallet, which is linked to a hardware device, where the addresses of all transactions as well as the private keys are safely kept. It is considered that Hardware wallet is the safest and easy to use for the transaction. Hardware Wallet is gaining popularity due to the repeated hacking incidence of the hot or online wallet. Mt. Gox to Coincheck, Hacking incidence is going on.
The major benefits of hardware wallets are that they are safe from any online hacking. But you have to make sure which one you want to buy. There are three most popular hardware wallet is in the market. KeepKey, Ledger Nano S and Trezor are the popular and widely used hardware wallet.
MAN IN THE MIDDLE ATTACK
Recently, we have come to know about the man in the middle attack on hardware wallet. We have seen a lot of press coverage on this issue. The headline like " Ledger hardware wallets, once considered one of the safer methods to store cryptocurrency, have been reported to be vulnerable to “man in the middle” attacks."
A man-in-the-middle attack (MITM) is an attack where the attacker secretly relays and possibly alters the communication between two parties who believe they are directly communicating with each other. Source
Man in the Middle attack (MITM) has the potential to attack hardware wallets during the sending and receiving of transactions. MITM occurs when the receiving address is generated. Malicious malware can interfere with this action and generate an address belonging to the attacker. As a result, all funds sent to you are actually going to the attacker address.
As you can see, Hardware wallet is also vulnerable though once it is believed that Hardware wallet is the safest wallet. Whenever, You can any transaction remember to double check your sending and receiving address. Always match with your hardware wallet.
What is your opinion on Man in the middle attack on Hardware Wallet? Please let us know what is the best way to store your Crypto Assets? Please leave a comment below
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New integrated versions of hardware wallets app, like recent Ledger app upgrade, should make such type of MITM attacks much more difficult. The new app comes with all the other features that are found in different wallet apps in a unified as well as multi-currency unique application, it also comes with its specific set of native USB drivers: Ledger Announces New Wallet Desktop and Mobile Applications