OneKey Founder Sounds Alarm Over Cryptocurrency Risks Linked to Older iPhones

Warning on Cryptocurrency Security Risks

Yishi Wang, the founder of OneKey, has recently issued a significant warning to cryptocurrency users about the security risks associated with storing wallet seed phrases on older iPhone models, especially those released prior to 2020. His concerns stem from persistent chip-level security flaws within these devices that cannot be fixed through software updates and remain vulnerable even after performing a factory reset or disconnecting from the internet.

BootROM Vulnerabilities

In a detailed post on October 31, Wang drew attention to the underlying BootROM vulnerabilities present in certain iPhones, which allow attackers to exploit the phone’s startup process due to affected code that is permanently embedded in the processor. Public demonstrations revealing successful jailbreaks of various iPhone models have sparked debate over the safety of using these repurposed smartphones as secure offline storage for cryptocurrency recovery phrases.

Typically, cryptocurrency enthusiasts have utilized older devices as offline wallets by stripping away unnecessary applications and disabling network connections in an effort to keep their information safe from online threats. However, Wang cautioned that such methods may not suffice for devices with acknowledged BootROM vulnerabilities.

Risks of Jailbreak Demonstrations

In recent weeks, iPhones have been the subjects of multiple jailbreak demonstrations, but these events should not be dismissed as mere tech spectacles—Wang emphasized their implications for security in the crypto realm.

The BootROM is critical as it contains the essential instructions that an iPhone executes upon startup, instructions that conventional iOS updates cannot replace. Two notable exploits have been publicly documented: one known as checkm8, which has impacted devices from the iPhone 4S to iPhone X since its revelation in 2019, and another called usbliter8, disclosed in June 2026, targeting newer A12 and A13 processors found in models such as the iPhone XS, XR, and 11 series. Attackers with physical device access can utilize USB connections to manipulate and execute rogue code during startup, rendering precautions such as airplane mode ineffective against these types of attacks.

Vulnerabilities and Attack Scenarios

While Wang reassured that gaining control over the BootROM does not straightforwardly provide full access to cryptocurrency wallets, he identified specific scenarios that heighten risk. For instance, users relying on short or weak passcodes—especially those utilizing six-digit numeric codes, which allow for a million combinations—are considerably more vulnerable to brute-force methods. Furthermore, if wallet applications are protected by weak passwords, attackers may exploit this weakness to work on decrypting wallet files offline.

Wang highlighted the risk of an “evil maid” attack, where an unattended device could be tampered with by an intruder. This type of security breach becomes especially concerning in situations where a phone is left in a hotel room or lent out.

Recent Developments and Recommendations

In context of the recent jailbreak demonstrations at the Hexacon security conference in Paris, where a jailbreak for the iPhone 18 Pro running iOS 27.0.1 was showcased, Apple swiftly responded with iOS 27.2 to mitigate vulnerabilities highlighted during these exploitations. However, Wang differentiated these new software vulnerabilities from the irreversible BootROM weaknesses affecting older devices.

Moreover, he pointed out the potential threat of "ChoiceJacking," a method allowing malevolent USB accessories to imitate user inputs, enabled by an authentication flaw that Apple has since patched in iOS 18.4. For those who have stored their cryptocurrency recovery phrases on susceptible iPhones, Wang advises that they should create new wallets in secure environments, emphasizing that simply generating new addresses from compromised recovery phrases would not address the inherent risk.

Preventative Measures

As a preventative measure, Wang recommends that crypto users ensure their software is kept updated, select stronger alphanumeric passcodes, and steer clear of connecting their devices to unfamiliar USB chargers or peripherals. For enhanced protection, considering Apple’s Lockdown Mode may be beneficial, as it limits certain functionalities to bolster device security. This advisory comes in light of recent thefts in Singapore where modified hardware wallets led to significant cryptocurrency losses.

Wang concluded by affirming that newer iPhone models, specifically the iPhone 12 and later, do not exhibit the discussed BootROM vulnerabilities and are thus recommended for cryptocurrency storage.