Opinion
Cryptocurrency's path to mass adoption hinges on user experience. Simplifying complex interactions and enhancing trust will unlock its full potential.
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Seed Phrase News
A seed phrase is a mnemonic code of 12 to 24 words used to recover one’s cryptocurrency wallet. It is also known as a backup phrase, recovery phrase or mnemonic sentence and serves as the cornerstone of most modern crypto wallets and the crypto sphere at large. Therefore, it is crucial that the seed phrase be chosen at random to prevent guessing or reverse engineering. Compared with seed phrases containing fewer words, those with more words have more entropy/randomness.
Entropy generation is the first step in the process of creating a seed phrase. The checksum is then produced by passing the entropy through a hashing function — notably, SHA256. After that, a portion of the checksum is added to the random data. The output is then split into 11-bit chunks, each corresponding to a single word on the BIP39 word list.
With a few rare exceptions, most current wallets will generate a seed phrase upon the creation of a wallet. Unfortunately, there aren’t many ways to customize the seed phrase’s settings, as the process is often automatic. However, users can use a calculator or dice to generate a seed phrase offline.
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Kaspersky says scammers are targeting digital thieves, baiting them with keys to loaded-up crypto wallets and swiping any crypto added to pay fees.
3939 - Explained
It’s crucial to securely back up and store your seed phrase in multiple safe places, ensuring that you’re the only one who can access it when needed.
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First crypto seizure by Victoria Police underscores a new legal framework empowering officers to confiscate digital assets via search warrants.
1523 - News
The flaw consisted of missing interprocess validations, which could have allowed an attacker to hijack the 1Password browser extension or command line interface.
1546 - News
The MultiversX Snap for MetaMask introduces a new level of security, embedding two-factor authentication directly into the blockchain protocol for enhanced protection.
9238 - News
Remembering and deliberately missing a few words from a seed phrase backup is not a good idea, as one can hack up to four words.
7537 - News
Ripple joins the Hedera and Algorand Foundations and industry players to advance a recovery standard to rival ERC-4337.
3635 - News
Ledger emphasized that the ID checks required for its private key recovery tool are not like KYC checks as they require “much less” information.
35753 - News
Trezor is celebrating its 10th anniversary by releasing three new self-custody products, with a focus on providing entry-level devices.
9287 - News
The hacker’s wallet, with over $100,000 worth of USDT, was blacklisted and frozen, while the victim had been drained of almost $170,000 worth of NFTs and other assets.
6235 - Interview
Speaking to Cointelegraph, Entero Positivo argued typical seed phrase storage methods are too obvious, so he devised a way to hide a crypto wallet in plain sight.
5574 - Follow up
Ledger’s “Recover” service may be concerning, but some crypto industry participants think the feature may onboard new users while helping crypto natives.
11154 - News
Ledger Recover is an over-the-air firmware update allowing users to back up their seed phrases by third-party entities if they opt-in to the new service.
19837 - Opinion
Ledger’s decision to introduce a third party to your wallet seed phrase could appeal to both governments and hackers.
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