When it comes to privacy and security, many in the world of crypto have long touted hardware wallets as a superior option for holding Bitcoin and other digital assets. For proponents, the benefits of such wallets—small USB-like devices that connect to laptops or cell phones—lie in the fact they are physical devices that can be stored offline, safe from hackers, except for the times an owner wants to make a transaction.
But not everyone is convinced they are always a good idea, including a team of white hat hackers at a cybersecurity startup called Unciphered. The team has just published a video that shows them breaking into a device manufactured by OneKey, a Hong-Kong based firm that has raised $20 million in venture capital and that describes its product as an “open source wallet trusted by millions.”