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Cryptocurrencies have emerged as highly valued and traded assets in the digital economy since the 1980s, driven by advancements in information technology. The objective of the paper is to comprehensively evaluate the security of hardware crypto-wallets, which store access keys for cryptocurrencies. By conducting risk analysis, the study focuses on the storage of crypto-access keys across physical hardware-based wallets and remote network-enabled access points. These wallets, consisting of native security files and hardware chipsets with microelectrical architecture, offer a robust and secure environment for key encryption and digital vault services, thereby minimizing risks and potential disruptions compared to other formats. However, the term “reduced” is used to indicate that there is still a certain level of vulnerability that hackers could exploit. The paper employs core-hardware risk analytics and explores methods to break and exploit the system configuration of the wallet. Additionally, it compares the effectiveness of hot and cold wallets through multi-criteria decision-making (MCDM) analysis and feature comparison. While the results of the analysis are complex, taking into account various factors, the MCDM analysis based on the UCI dataset suggests that keeping a cold wallet is a secure option, particularly for individuals with limited time to manage online access to their hot wallets. However, cold wallets may introduce longer transfer times, making them less suitable for rapid day-to-day transactions. Ultimately, the choice between hot and cold wallets depends on individual preferences and time constraints, with cold wallets being recommended for those prioritizing offline storage and security. The research methodology encompasses, risk assessment, quantitative analytics of crypto-risks. However, the qualitative aspect has also been discussed in detail. The proposed methodology extends upon the gross quantitative aspect of crypto-risks and works in accordance to the qualitative dimension. It presents the rate of breaches among the two broad categories of asset-holding wallets.

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Fortifying Crypto-Assets: A Brief Review of Assessing Security Risks in Wallet Transactions

  • 会议论文

  • 发表日期：

    2026年

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  • Nishit Kaul,
  • Sheikh Amir Fayaz,
  • Sameer Kaul,
  • Majid Zaman,
  • Bharti Bhat,
  • Waseem Jeelani Bakshi

摘要

Cryptocurrencies have emerged as highly valued and traded assets in the digital economy since the 1980s, driven by advancements in information technology. The objective of the paper is to comprehensively evaluate the security of hardware crypto-wallets, which store access keys for cryptocurrencies. By conducting risk analysis, the study focuses on the storage of crypto-access keys across physical hardware-based wallets and remote network-enabled access points. These wallets, consisting of native security files and hardware chipsets with microelectrical architecture, offer a robust and secure environment for key encryption and digital vault services, thereby minimizing risks and potential disruptions compared to other formats. However, the term “reduced” is used to indicate that there is still a certain level of vulnerability that hackers could exploit. The paper employs core-hardware risk analytics and explores methods to break and exploit the system configuration of the wallet. Additionally, it compares the effectiveness of hot and cold wallets through multi-criteria decision-making (MCDM) analysis and feature comparison. While the results of the analysis are complex, taking into account various factors, the MCDM analysis based on the UCI dataset suggests that keeping a cold wallet is a secure option, particularly for individuals with limited time to manage online access to their hot wallets. However, cold wallets may introduce longer transfer times, making them less suitable for rapid day-to-day transactions. Ultimately, the choice between hot and cold wallets depends on individual preferences and time constraints, with cold wallets being recommended for those prioritizing offline storage and security. The research methodology encompasses, risk assessment, quantitative analytics of crypto-risks. However, the qualitative aspect has also been discussed in detail. The proposed methodology extends upon the gross quantitative aspect of crypto-risks and works in accordance to the qualitative dimension. It presents the rate of breaches among the two broad categories of asset-holding wallets.