March 28, 2024

Trezor reports 900% increase in hardware wallet sales

Article Reading Time:
2 minutes.

Trezor reports 900% increase in hardware wallet sales

Hardware wallet manufacturerTrezor reported an eightfold increase in sales of its devices, despite the release of information about a vulnerability in the Model T, which allows the private key to be stolen.

One of the drivers of growth in wallet salesTrezor was the controversial key recovery feature introduced by rival maker Ledger. After a wave of criticism from the cryptocurrency community, Ledger management delayed the launch of the service, however, this feature seems to have scared off many potential device buyers and forced some owners to switch to Trezor.

“At Trezor, we believe that hardware wallets“100% cold wallets for self-storage of assets must not at any stage make the passphrase accessible to anyone other than the user,” said Trezor CEO Matej Zak.

Jacques emphasized that Trezor firmware is open source software, so any independent expert can conduct an audit and verify that there is no way to recover the passphrase.

Let us remind you that recently the startup Uncipheredannounced the discovery of a vulnerability in the Trezor Model T wallet, which allows you to hack the device and obtain the private key. However, Trezor representatives responded that the vulnerability has been known since 2020. To use it, you need to steal the device, have deep technical knowledge and special equipment. In addition, setting a complex passphrase on your wallet will protect you from this vulnerability.