Meltdown and Specter – A threat for Cryptocurrency Wallets

The new year started with some unpleasant news, which caused panic among many members of the crypto community. The discovery of two significant flaws in the processors, called Meltdown and Specter, raised security concerns, prompting them to determine what those problems could be.

These vulnerabilities are found in computer processors, which are used in most PCs, smartphones and other storage media, which raised doubts about the security of personal data storage, as well as the safe storage of funds in personal purses and exchanges.

Consequences for a crypto community

Together, the vulnerabilities of Meltdown and Specter can affect the performance of AMD, ARM and Intel chips. The technical developers who found them have already ranked the vulnerability data for the worst errors ever detected in the GPU. They believe that in the implementation of the attack, such shortcomings will allow you to steal information from any service or application processed by the processor.

“These hardware vulnerabilities allow malicious programs to steal data that is currently being processed on a computer. While programs, as a rule, cannot read data from other programs, hackers can use Meltdown and Specter to store classified information contained in other programs currently running. This can include the user’s passwords in the browser or password manager, personal photos, electronic correspondence, important documents and business secrets, as well as instant messages. “

Cloud services at risk

These vulnerabilities can be a big problem for crypto users because an attacker using these vulnerabilities cannot be blocked by encryption. Therefore, even encrypted wallets cannot provide sufficient protection against possible hacking in this case.

Considering that many exchanges use Azure cloud service to store backup books with secret keys of their customers’ hot wallets, this caused great community concern, since cloud services were just as vulnerable to the vulnerabilities of Meltdown and Specter as to personal devices.

Intel leadership hides information about vulnerability

Despite such news, which became available to the general public only last week, it turned out that for a certain period of time it was known to Intel CEO Brian Krzhanich who hastened to sell his shares to Intel for $ 24 million, leaving only the minimum required by the labor agreement.

Although company representatives say that this sale has nothing to do with what Krzhanich knew about Meltdown and Specter, such actions are puzzling.

How can I protect myself?

We have an article on the issue which helps you out by using available OS patches to protect against Meltdown and Specter. They are available to all users and experts recommend urgently to update their systems. In order not to worry about the security of available funds, experts recommend not storing large amounts on the exchange and not leaving them there for a long period of time.

Authored By Imran Yousaf

I am Imran Yousaf, a computer geek, founder of the site Smashinglab.com. I am a die hard fond of open-source software and Linux operating system. In addition to Linux, I am interested in everything related to information technology and modern science.

Leave a Reply

Your email address will not be published. Required fields are marked *