HardVault: A Hybrid FPGA-Based Ethereum-Bitcoin Cold Wallet

Abstract

Cryptographic wallets play a vital role in securing digital assets within blockchain networks by managing private keys that authorize secure transactions. However, side channel analysis (SCA) attacks have become a serious threat, enabling attackers to extract sensitive information by exploiting algorithmic weaknesses in microcontroller-based wallets, resulting in the loss of millions of dollars in digital assets. In hierarchically deterministic (HD) systems, the compromise of a single primary key can endanger all subsequent child keys, while the use of independent keys for each account introduces complexity and challenges in key management. This work presents HardVault, a field programmable gate array (FPGA)-based cryptocurrency wallet that supports both Bitcoin and Ethereum. HardVault introduces the first hardware wallet architecture that implements both non-deterministic (ND) and HD key generation modes directly in hardware, giving users the flexibility to choose either approach based on their security and usability needs. By leveraging constant-time operations and hardware-enforced private-key isolation, the design significantly improves resilience to SCA attacks. In addition, the architecture prioritizes resource efficiency to minimize area usage without compromising security, making it well-suited for compact, portable hardware wallet applications. Implementation on a ZCU104 FPGA shows that HardVault uses only 27% of available look-up tables (LUTs). Compared to the Trezor One cryptocurrency (crypto) wallet, the proposed implementation achieves$9\times $higher energy efficiency,$8\times $lower latency, and$7\times $higher throughput.