Samsung introduced a special phone chip for secure cryptocurrency storage

Samsung introduced a new modern chip that will improve the security of its smartphones for storing private keys of Bitcoin and Ethereum.

More security for cryptocurrency – Samsung, the largest electronics manufacturer in the world, has announced the introduction of a new security solution designed to protect the data stored on its smartphones.

The company introduced a new chip and optimized software that protects personal data by isolating them from other parts of the phone.

“Smartphones are developing rapidly, making it difficult to take adequate security measures” – said senior executive of the company.

According to Samsung, the turnkey solution is an option for one of the most reliable hardware protection systems in any of the previously existing smartphones. It is completely protected from unauthorized access and is able to store confidential user data separately from conventional mobile memory.

The main types of telephone hacking – People of all levels of technical competence remain vulnerable to telephone hacking. In October 2019, the phone of the technical director of Algo Capital was hacked, and cryptocurrencies in the amount of 1 to 2 million dollars were stolen by attackers. Recently, a story surfaced about a man who lost $ 30 million in bitcoin cash, becoming a victim of a hacked SIM card.

In another hack, the hacker was able to steal more than 200 bitcoins, forcing users to download a malicious updated version of the Electrum wallet. The application required a two-factor authentication code during installation, which should alert users, as the authentication code is usually requested during a transaction. The application also transferred all the user’s mobile assets to the hacker’s wallet after gaining access to the phone’s memory and authentication code.

Hacking could be prevented if the original application were not accessible to the malicious application.

Samsung creates a secure way to store cryptocurrency – The new security solution will allow users to safely store their confidential data, including PIN codes, passwords and private cryptocurrency keys. Samsung’s security chip provides users with additional countermeasures that protect their devices from various attacks, including reverse engineering and laser attacks.

These extra mobile protection steps are essential when 1000s and in some cases millions of us dollars in crypto-currencies are at risk.

The technology also prevents repeated attacks and manages erroneous requests. Replay attacks are a version of the “intermediary” attack, where an attacker eavesdrops on user conversations to collect information from equipment or the network, posing as a user in subsequent requests.

According to Samsung, the company’s latest hardware solution is in production. The first smartphones equipped with an advanced security solution will appear in the Galaxy S20 series, scheduled for release in March. The previous line of Samsung smartphones, the Galaxy S10, was already equipped with a built-in crypto wallet and improved data protection.

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A Korean company’s commitment to improving the security of financial products is critical. Secure cryptocurrency applications for mobile devices will encourage more users to store cryptocurrencies in their phones, which will help in the long run, according to the company.

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