Cryptocurrency hard wallets are regarded as an extremely safe way of storing cryptocurrency these days, but when they go wrong, such as happened with Beam Wallet recently, users become nervous.

Beam Wallet is a tech company which allows UAE customers access to goods and services via their phones, tapping into its wallet application. A critical vulnerability found in the cryptocurrency wallet occurred just days after the wallet’s tech, called Mimblewimble, went live enabling cryptocurrency transactions. The firm’s website claims that over 750,000 users access the wallet.

As soon as the wallet’s crypto facility was up and running, the company was forced to announce a “critical vulnerability”, which it claimed that it was racing to fix as quickly as possible. A Github posting quickly advised Beam users to stop using the application, and delete or uninstall and subsequently download a fresh, unadulterated, version.

This is not the first of such hard wallet vulnerabilities to have occurred after a research team claimed last year that they were able to successfully hack the Trezor One, Ledger Nano S and Ledger Blue wallets, posting a video showing their process. The team was supposedly able to exploit a weakness in Trezor One hardware wallets which didn’t have a set passphrase by the owner, extracting the private key by overwriting data using a custom firmware.

Hard wallets are generally foolproof and secure, although hackers are always on the alert for vulnerabilities in order to exploit these and access user details. Wallet vulnerabilities are, nonetheless, rare.

 

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