Browsing Tag

Ledger Nano S


Ledger Adds IOTA Integration

The non-profit IOTA Foundation announced last week that it has partnered with Ledger, one of the leading cryptocurrency wallets manufacturers. The partnership will see IOTA tokens integrated to Ledger Nano S, the flagship model of the cold wallet giant.

For the uninitiated, Ledger Nano S is by far one of the most secure hardware wallets on the market. Its one and only goal is to protect private keys giving you access to your cryptocurrency funds. Now that Ledger has added support for IOTA, it practically allows IOTA hodlers to store their tokens within Ledger Nano S. What’s even better, Ledger smoothly integrates with IOTA’s native Trinity Wallet and Romeo Wallet. Put simply, IOTA lovers can add yet another layer of security by isolating the keys to their accounts from the internet. The integration between Trinity/Romeo and Ledger means that users can verify IOTA transactions on their Ledger Nano S hardware device.

Eric Larchevêque, the CEO of Ledger, said regarding the partnership:

“Providing the highest level of security and quality is a major focus at both Ledger and IOTA. The collaboration between the teams created an immediate synergy concentrated on developing a compatibility feature allowing users to access, store and manage IOTA tokens on Ledger devices. We are thrilled to welcome IOTA onto the Ledger platform.”

Ledger differs from other cold wallets in many ways. It runs on the top of its native BOLOS operating system, which in turn utilizes EAL5+ certified secure chip. To get an idea of how secure this chip is, we have to tell you that credit/debit card issuers, as well as passport issuers, use the very same type of chips. This secure chip is able to store and manage data and applications in accordance with a pre-established set of rules. In short, hackers will have a very hard time compromising it.

“Hardware wallets are regarded as the safest way to store cryptocurrencies. At IOTA, we made a commitment to delivering the safest and most usable standalone cryptocurrency wallet. The Trinity wallet is well on its way to fulfilling that commitment, and today we are proud to announce the next step on the journey. Ledger has earned a strong reputation for security and reliability, and this made it a natural choice for integration with Trinity. We are proud of how our community, the IOTA developers and the Ledger team have worked together to make this possible,” the co-chair and co-founder of IOTA Foundation, David Sønstebø, elaborated.


Report! Ledger Nano S Security Issues Are Not That Bad

Today it was made clear that one of the most popular cold wallets out there, Ledger Nano S had a security breach. Thankfully, it was the cybersecurity expert Saleem Rashid who had found out Ledger’s weak spot. Now before you freak out, let me explain why this is actually good news.

During his investigation of the hardware wallet in question, Rashid discovered that unfriendly persons might hack the microcontroller. To get things straight, here is how this can happen. The microcontroller lets the customer to input data by pushing the buttons. Users can also check back-up phrases and pins on the display. The microcontroller is also connected to the Secure Element (SE) as a proxy. For the uninitiated, the SE is where your private keys are stored. So we get to the most important thing – if a retailer, merchant, eBay/Amazon seller discovers that, he can easily shift the firmware in the microcontroller. That would, in turn, enable him to verify ‘’identities” to the Secure Element.

Additionally, attackers can control the interface, meaning recovery seeds and pin codes fall into their hands. Once someone gets your backup phrase your private keys are no longer private. Rashid also uploaded a video of himself compromising the device.

But why this is good news?

There are at least two reasons I think of:

First, we are talking about a hardware issue, not software. This is important to note because if there was a security flaw in the software itself, the potential danger would be much greater. However, if you have purchased your Ledger Nano S from the official Ledger Store your wallet is as reliable as ever.

Second, since you are smart enough not to buy a cryptocurrency wallet from retailers at eBay or Amazon, there is nothing you should worry about. Your tokens are under a threat only if there was a merchant somewhere who knew about the issue and modified the microcontroller’s firmware. For now, there is no single case reporting this has ever happened. But remember that you should never ever purchase a cold wallet from other sites apart from the manufacturer’s.

And finally, if you have bought a second-hand cold wallet just to save some bucks it’s nobody’s fault but yours that your device is vulnerable to corrupting. Peace.