Secure Storage of Crypto Wallet Seed Phrase Using ECC and Splitting Technique

Abstract

Blockchain technology enables users to control and record their cryptocurrency transactions through the use of digital wallets. As the use of blockchain technology and cryptocurrency wallets continues to grow in popularity, the potential for attacks on these wallets increases, as attackers seek to gain access to the large sums of cryptocurrency they contain. To mitigate these risks, it is important to conduct thorough security evaluations of wallets and implement strong protective measures. In recent years, there have been several incidents involving significant losses of cryptocurrency in crypto-wallets, and in this research, a comprehensive evaluation of seed phrase and password attack methods found in the published literature was conducted, and the topic was advanced by addressing the question of whether seed phrases are hackable. The research aims to use the elliptic-curve cryptography (ECC) encryption algorithm for storing the seed phrase online by encrypting the seed phrase and using the splitting technique to store the crypto wallet seed phrase. It was concluded that it is only possible to hack a seed phrase if a significant portion of it is already known, but even this would require a significant amount of time and computational power.