Sirwin
Sirwin

A simple way to verify validity of marketing myths


In this post we consider how to analyze and verify claims (myths) made by marketers and promoters of products/services. As an example, we consider the following myths related to hardware wallets: a) hardware wallets are the most secure wallets; b) users will have peace of mind by storing crypto in hardware wallets.

To analyze and verify these claims, we need to ask the following critically important questions:

1) Can hardware wallets be hacked?

2) Have they been hacked in the past?

3) Do manufacturers admit the hacks?

4) Are there any better alternatives?

5) Is anyone offering services in hacking hardware wallets?

Let us find answers to these questions!

Question 1. Can hardware wallets be hacked?

The answer to this question is definite -yes. There are many (at least 7) ways in which hardware wallets can be hacked. See links below.

You Are NOT That Safe With A Hardware Wallet!

https://captainaltcoin.com/can-hardware-wallets-be-hacked/

7 Ways Your Crypto Hardware Wallet May Be Hacked

https://coinstop.io/blogs/blog/7-ways-your-crypto-hardware-wallet-may-be-hacked

Can Hardware Wallets Be Hacked? (Yes, Here’s How)

https://cyberscrilla.com/can-hardware-wallets-be-hacked-yes-heres-how/

 

Question 2. Have they been hacked in the past?

The answer to this question is definite -yes. Here are some examples.

https://www.coindesk.com/consensus-magazine/2023/12/14/what-we-know-about-the-massive-ledger-hack/

Joe Grand hacked Trezor One hardware wallet

https://www.theverge.com/2022/1/24/22898712/crypto-hardware-wallet-hacking-lost-bitcoin-ethereum-nft

https://www.reddit.com/r/ledgerwallet/comments/14fl13c/my_ledger_got_hacked_for_80k

https://cryptonews.com/news/popular-hardware-wallet-was-hacked-by-cybersecurity-firm-should-you-concerned.htm

https://www.theblock.co/post/210665/security-firm-unciphered-hacked-into-popular-hardware-wallet-onekey

https://decrypt.co/news-explorer?pinned=172418&title=cybersecurity-startup-demonstrates-trezor-t-hardware-wallet-hack

 

Question 3. Do manufacturers admit the hacks?

As a rule, manufacturers do not admit hacks, instead they blame users for the hacks. Here is one such example.

https://www.reddit.com/r/ledgerwallet/comments/14fl13c/my_ledger_got_hacked_for_80k

But, in some cases, companies do admit hacks and even compensate victims for loses. Here is an example.

https://www.bloomberg.com/news/articles/2023-12-20/crypto-wallet-maker-ledger-to-reimburse-hack-victims

 

Question 4. Are there any better alternatives?

The answer to this question is definite -yes. Generated on demand (GOD) wallets and secure brain wallets (SBW) are more secure than hardware wallets. Do not confuse SBW with CBW (classical brain wallets). CBWs have the same problem as weak passwords, therefore they are not secure.

 

Question 5. Is anyone offering services in hacking hardware wallets?

The answer to this question is definite -yes. There are many teams, including legal businesses, which offer such services. Here is an example.

https://www.unciphered.com/services

 

As we can see, these claims of marketers and promoters are false marketing myths ("fake claims") and users should know this fact.

 

P.S. More links:

 

Hardware Wallet Risks: Why The Brain Of Hardware Wallets Is Actually Their Biggest Weakness

https://www.athena-alpha.com/hardware-wallet-risks/ 

 

TOP 5 SECURITY THREATS OF HARDWARE WALLETS

https://www.halborn.com/blog/post/top-5-security-threats-of-hardware-wallets 

 

Five types of attacks on hardware crypto wallets

https://www.kaspersky.com/blog/five-threats-hardware-crypto-wallets

 

Hardware Wallet Risks: What You Need to Know

https://eightify.app/summary/blockchain-and-cryptocurrency/hardware-wallet-risks-what-you-need-to-know

 

 

 

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I_g_o_r
I_g_o_r

I am curious about science, technologies and their applications to solving real problems.


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