Christopher Allen

@ChristopherA

The #SmartCustody Team has long agreed with the recommendation in this Trezor Wallet Flaw post that “Do not allow anyone physical access to your Trezor wallet” but diasagree
“Enable Your BIP39 Passphrase with the Trezor Client”. We don’t recommend this. https://blog.kraken.com/post/3662/kraken-identifies-critical-flaw-in-trezor-hardware-wallets/

1/31/2020, 1:04:35 PM

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Christopher Allen

@ChristopherA

Our research shows significant losses by Bitcoin holders loosing or making a mistake using a BIP38 passphrase. You are just moving the problem of storing the secret, not fixing it, and there is no error detection when mistyping a BIP38 word. Free book at: http://smartcustody.btcpay.blockchaincommons.com/

1/31/2020, 1:11:18 PM

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Christopher Allen

@ChristopherA

From Chapter 2: Cold Storage Self Custody Scenario “[^3]:We were forced to make a decision between two major hardware wallets: the Ledger and the Trezor. Both are good, mature solutions with well-reviewed code and solid ecosystems.…

1/31/2020, 1:20:50 PM

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Christopher Allen

@ChristopherA

…We ultimately selected the Ledger because it stores its private keys on a cryptographic chip. Since we advocate keeping a hardware wallet in a less-secure home safe, this was a requirement, as it offsets the adversary of Casual Physical Theft. …

1/31/2020, 1:21:27 PM

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Christopher Allen

@ChristopherA

…There are disadvantages to the Ledger as well: its cryptographic chip is proprietary, thus unlike the Trezor all of its code isn't open source. Thus, our understanding of its security is ultimately somewhat limited.…

1/31/2020, 1:22:05 PM

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