Cybersecurity startup Unciphered demonstrated a hack of a notable hardware crypto wallet manufactured by OneKey, a Hong Kong-based firm that raised $20 million last year.
The firm demonstrated in a video that it exploited the lack of encryption between the hardware wallet’s CPU and the secure element by using a field programmable gate array that was able to intercept communications between the processor and the secure element, which holds the device’s seed phrase.
โThe FPGA is a high speed processor also known as a field programmable gate array, allowing us to iterate through different algorithms, bypass the walletโs security and extract the mnemonics,โ Unciphered said.