Nothing can be kept completely secure and private here in the age of technology. This was proven to be true on Wednesday when hardware vulnerabilities Meltdown and Spectre impacted ARM, AMD and Intel computer chips. These chips are found in most of the world’s servers, computers and mobile devices. That said, all the passwords, private data and financial info linked to these chips have been easily obtainable by hackers.
It isn’t hard to see why this information is important to those with cryptocurrency. These vulnerabilities present hackers with the opportunity to use a fixed attack vector to crack into private keys and gain access into an individual’s bitcoins on a blockchain.
“An attacker who has knowledge of a sufficiently powerful vulnerability can theoretically force your CPU to reveal secret data such as private keys used to control your bitcoin.” Bryan Bishop, Bitcoin Core developer stated in an interview with CoinDesk. “Better safe than sorry.”
This bug isn’t something to be taken lightly. It’s been deemed a horrific bug by Popular Mechanics. They also added that it’s “hard to zero in on the most troubling part of this flaw,” Furthermore, an informational page that was put together by security researchers spared no feelings in letting the people know that they are absolutely affected by Meltdown and Spectre.
That said, many have stated that if you’ve kept your private keys on a secure device, you shouldn’t have many problems with these bugs. The masses have always been urged not to keep private keys on laptops and other open devices. Given this information might not be so obvious to new users, it has to be repeated over and over..
Thankfully, you don’t have to live with the risk of your cryptocurrency getting hacked and stolen. With these new problems came new solutions. Windows, Linux and Mac devices can now be patched up with operating system fixes. That of course shouldn’t be used without cryptocurrency users using their own precautions. Firsty, users should never store their private keys on an internet connected device. It’s a move that will leave your info vulnerable to hackers.
One of the best places to store your private keys would be in a “hardware wallet.” In terms of hardware wallets, you won’t find better quality than with the Ledger and Trezor brand. These devices are not simple to use, but the payoff is priceless and they have zero connection to the internet. Companies like Trezor and Ledger are truly the winners to come out of the Meltdown and Spectre scare.