Category Archives: Bitcoin Wallets
Today, SatoshiLabs released a security update to your TREZOR; a new firmware version — 1.5.2 — was pushed out to all users. This update fixes a security issue which affects all devices with firmware versions lower than 1.5.2.
TREZOR Wallet will notify you about this update. Please make sure you have your recovery seed nearby, before starting the update process. Refer to the User Manual if you need assistance with the firmware update. For users with Bootloader version 1.3.0, please consult this guide first.
It is important to note that this is not a remote execution attack. To exploit this issue, an attacker would need physical access to a disassembled TREZOR device with uncovered electronics. It is impossible to do this without destroying the plastic case.
If your device does not leave your presence, your coins are safe. Moreover, if you have a passphrase enabled and actively use it, your coins are safe. Yet, we strongly recommend you to update your TREZOR anyway.
We are not releasing a detailed description of the issue today to give enough time for users to update and for other hardware wallets based on TREZOR to distribute an update. We will publish a detailed report in the coming days.
How do I know that my TREZOR has not been broken into?
In order to exploit this issue, an attacker would have to break into the device, destroying the case in the process. They would also need to flash the device with a specially-crafted firmware. If your device is intact, your seed is safe, and you should update your firmware to 1.5.2 as soon as possible.
With firmware 1.5.2, this attack vector is eliminated and your device is safe.
Source: Trezor Blog
One of the most interesting things about the Bitcoin phenomenon in the last several years has been that no definitive “best” wallet option has emerged. There are a lot of different options out there, and this may even be partially responsible for why many consumers are still confused by how to store and use cryptocurrency. However, long-time crypto company Mycelium is now making major moves to expand and improve its platform, and perhaps become the go-to name in Bitcoin wallets.
Having run a crowdsale campaign through much of May (which essentially offers equity to average consumers who want to buy into the company with cryptocurrency), Mycelium is closing in on $1 million in funding, in the form of over 2,100 Bitcoins. The process has established a hefty $19 million valuation for Mycelium, and that number alone makes the company a power player in the wallet market. Additionally, in conjunction with the crowdsale campaign, Mycelium managed to integrate Glidera, a company primarily known for the safe and secure processing of Bitcoin transactions. The report about the crowdsale lists compliance, payment fraud management, and liquidity challenges as areas that Glidera will handle.
If you’re not familiar with these companies or you’re not a regular Bitcoin user, you may be wondering what exactly Mycelium does for its users. This is a fair question given that there are actually several types of Bitcoin wallets that are popularly used by cryptocurrency holders. Mycelium falls into what’s sometimes considered to be the “main” type of Bitcoin wallet, which is one that provides a mobile-based solution for Bitcoin storage and transactions. Other software wallets still actually operate exclusively from desktops, but Mycelium has positioned itself more as an app, and indeed already has over 2,000 ratings on Google Play.
Again, at this moment there’s not really a definitive leader in the Bitcoin wallet market. However, the aggressive moves made by Mycelium of late, adding Glidera and running an ambitious crowdsale campaign, could be positioning the company pretty well to take up the mantle. They’re also working on developing their wallet into the most comprehensive and convenient option out there. Specifically, the folks at Mycelium are concentrating on allowing people to run businesses through the app, connecting Bitcoin users with the companies from which they wish to make purchases. Additionally, the app is growing to support multiple cryptocurrencies and other assets based on the Bitcoin blockchain. In other words, it’s a one-stop app for users’ cryptocurrency holdings, rather than simply a standard Bitcoin wallet.
There are still a lot of alternatives out there, but this may be the closest we’ve come to seeing a true leader emerge in Bitcoin storage.