Second-guessing Satoshi: ECDSA and Bitcoin (part I)


Random Oracle

“Cold-wallets can be attacked.” Behind that excited headline turns out to be a case of superficial journalism and missing the real story. Referring back to the original paper covered in the article, the attack is premised on a cold-wallet implementation that has been already subverted by an attacker. Now that may sound tautological: “if your wallet has been compromised, then it can be compromised.” But there is a subtlety the authors are careful to point out: offline Bitcoin storage is supposed to be truly incommunicado. Even if an attacker has managed to get full control and execute arbitrary code- perhaps by corrupting the system ahead of time, before it was placed into service- there is still no way for that malicious software to communicate with the outside world and disclose sensitive information. Here we give designers the benefit of the doubt, assuming they have taken steps to physically disable/remove networking hardware and place the device in…

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