When it comes to securing digital assets, the golden rule has always been “not your keys, not your crypto.” However, what happens when the physical vault holding those keys is cracked wide open? Famous hardware hacker and YouTuber Joe Grand is sending shockwaves through the cryptocurrency community once again. After hacking the $2 million dollar hardware wallet to viral news, Grand is at it again with a new video demonstrating the recovery of a large KeepKey wallet valued at $2.24 million. In addition to setting investors’ nerves on edge with this latest spectacle, he’s also reported to be working on cracking an older Trezor that allegedly store more than $60 million in value and this scrutiny creates extreme pressure on self-custody brands who cannot withstand another breach of public trust.
From Lab Stunt to Repeatable Exploit
Grand’s newest video, dated March 16th, 2016, is called “75,000,000 Bulk Hack of a Crypto Wallet,” and moves the story from a lucky one-off lab stunt to a systemized workflow for hacking hardware wallets. As stated in the video, it has taken Grand three years to figure out the right combination of methods in order to have a consistent and reliable way to hack into hardware wallets. This video shows how he moves from case to case, physically removing the microchip from the hardware device, bypassing the firmware security to dump encrypted data, dumping the encrypted data into his program, and then brute forcing the PIN in less than six hours. This should serve as a wakeup call for most people who think their hardware wallet is safe and impenetrable, as they are now being defeated through such a methodical and systematic fashion.
The $2.24 Million KeepKey Crack
The crown jewel of part one is not a Trezor, but a KeepKey device holding roughly $2.24 million. However, the underlying technology tells a deeper story. The same STM32F2 microcontrollers used in older Trezors are featured in the KeepKey. The fact that Grand was able to break into a KeepKey means that his attack can be replicated on other older wallets that use the same chip design. This is a clear indication that the internal components of hardware wallets are usually responsible for the actual level of security in the wallet, and that these components have no relation to what is written on the wallet case.
Tales of Betrayal and Lost Fortunes
Grand arranges his video similarly to how episodes of an engaging true crime show are presented, with dozens of fast-paced hacks that reveal the very personal side of crypto custody. One story illustrates how one owner’s divorce caused him think he had $800,000 in his wallet when it actually contained just $46,000. Another story shows how a grieving husband and wife were able to retrieve their 2.025 BTC after both his PIN and his paper backup were lost. The most disturbing story shows Grand had access to four separate wallets associated with a “friend setup”, and they were all emptied on the same date in 2024—a digital trail of ultimate betrayal.
The Looming $60 Million Trezor Mystery
While the KeepKey recovery is impressive, the internet is buzzing over Grand’s opening montage. He describes a single wallet, locked behind a forgotten PIN, holding over $60 million and heavily guarded by armed security. While he doesn’t reveal the owner or show the final balance in part one, he promises to unveil the high-stakes Trezor crack in part two, scheduled to drop on March 19, 2026. If the predicted balances hold true, there is a staggering $75 million at stake across his entire bulk hack series.
A Public Relations Nightmare for Self-Custody
It is crucial to understand the technical nuance here: Grand is executing highly complex physical attacks on older hardware, not remotely hacking modern wallets over the internet. The current Trezor documentation clearly states that their older Model One and Model T lack a Secure Element; however, their newer Safe 3, Safe 5, and Safe 7 devices have upgraded security chips (the aforementioned security chips are now a dedicated chip solely for the purpose of security). Additionally, by using a strong, secure and hidden passphrase will eliminate any physical threat associated with the device, as the passphrase is not stored directly on the device at any time.
Unfortunately, technical nuance rarely survives the internet echo chamber. Most casual investors won’t understand the difference between microcontroller families and fault injection. The public takeaway will simply be a viral headline that old Trezor-style wallets can be hacked on camera. For self-custody brands, this represents a massive public relations nightmare where the loss of consumer trust is far more damaging than the actual technical exploit.
