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Ledger CTO Gives His Take On “Blind Signing” Transactions -Breaking

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Ledger CTO Gives His Take On “Blind Signing” Transactions
  • The CTO of Ledger, Charles Guillemet, has warned cryptocurrency users about the risks of “blind signing” transactions.
  • Guillemet speaks to us following the recent hacking attack on OpenSea’s NFT Marketplace.
  • Guillemet suggested a solution for blind signing.

Charles Guillemet, the CTO of Ledger – a well-known cryptocurrency hardware wallet manufacturer, has warned users about the risks of “blind signing” transactions.

Guillemet defined “blind signing” as “consenting to a transaction to be signed blindly, without understanding what it means.” He also relayed the problems as well as highlighted some of the key issues with blind signing transactions in a recent interview with Cointelegraph today. Following a recent attack against OpenSea.

A phishing attack against OpenSea resulted in blind signing. The cybercriminals who organized the attack received $1.7 million in non-fungible tokens. As 17 NFT holders were conned, they sold their NFTs for zero ETH.

According to the CTO, security experts had noticed that transactions require consenting. Users can only sign transactions with private keys. The issue with these messages, according to Guillemet, is that they are not “intelligible by default”.

When asked in the interview what he believes the solution to blind signing is, the CTO relayed the age-old cryptocurrency saying, “don’t trust, verify”. The CTO also recommended that cryptocurrency users double-check the transaction details before they sign it.

Cyber criminals are attracted to the cryptocurrency market because it offers high levels of anonymity when transacting in cryptocurrencies.

Each cryptocurrency user is likely to have to sign transactions requests. It is crucial that cryptocurrency users exercise extreme caution whenever asked to sign transaction requests while they navigate the cryptocurrency ecosystem.

Continue reading on CoinQuora

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