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Hardware FYI · Jul 25, 2026

The Crypto Wallet That Wasn’t Alone

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Benji Chia, Hardware FYI · Hardware FYI

Topics worth your time: turning a crypto wallet’s display bus into an eavesdropping channel, the projection equipment that makes IMAX 70mm possible, underground robot logistics, and learning to pot electronics in epoxy.

P.S. We’re back in SF for another happy hour on 8/11! We’re setting aside a few tables for teams with demos or other work they’d like to bring into the room. If that’s you, send us an email.

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For many of us who build physical systems for a living, the object of our work comes to us with its identity already fixed. The same is often true of the philosophy by which we build it. It is a system to be architected, a methodology to follow, an assembly to be built and tested.

There is, however, an alternative school of thought — one not usually taught in academic circles, and in industry, is more concerned about defense and evaluation. This is the world of hardware hacking. Hardware hacking does not treat a system as an object with a fixed identity, but as a physical layer that can be opened, probed, and even manipulated for points of exploitation.

For those curious, Joe Grand’s presentation on reverse engineering an implant found inside a cryptocurrency wallet is a real-world case study in hardware espionage. Specifically, a supply-chain attack where a legitimate cryptocurrency wallet was modified after leaving the factory to capture a user’s recovery seed during setup, then transmit the data over a cellular network.

Here’s the simplified breakdown:

  1. A customer bought a cheap Nano X online as a donor for a failing wallet battery. Upon opening the device, he found a smaller battery, extra circuit board, wiring, and an antenna.

  2. While the wallet itself was genuine, someone had replaced its original battery to make room for the implant, then resealed and resold it.

  3. The added board tapped the SPI bus driving the display, while cellular hardware (modem, eSIM, antenna) gave it a path off-device.

  4. Rather than attacking the wallet’s secure element, the implant monitored display traffic during initial setup, when the display renders the recovery seed for backup.

  5. The implant firmware then reconstructed the seed from character glyphs, and transmitted it over cellular to the attacker.

The original product was still there, performing as designed. So was a second product, nested inside it.

If a deal just so happens to be too good to be true, it may be because someone else expects to make the margin (and much more) back later.

Grand’s full slides and write-up are linked here.

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Adam Savage’s tour of IMAX’s projection and film-printing equipment. The Odyssey came out last week and the 70mm projectors the film was optimized for are near impossible to build at scale.

There are only 41 theaters worldwide that can project in IMAX 70mm.

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