June 7, 2023

Trezor reports 900% increase in hardware wallet sales

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Trezor reports 900% increase in hardware wallet sales

Hardware wallet maker Trezor reported an eightfold increase in sales of its devices, despite the disclosure of a vulnerability in the Model T that allows the private key to be stolen.

One of the growth drivers of Trezor wallet saleshas become a controversial key recovery feature introduced by rival manufacturer Ledger. After a wave of criticism from the cryptocurrency community, Ledger management delayed the launch of the service, however, such a 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 are100% cold self-storage wallets should not at any stage make the passphrase available to anyone other than the user,” said Trezor CEO Matej Zak.

Jacques emphasized that the Trezor firmware is open source, so any independent expert can audit and verify that the passphrase cannot be recovered.

Recall that the startup Unciphered recently announcedabout the discovery of a vulnerability in the Trezor Model T wallet, which allows hacking the device and obtaining a 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 the wallet will protect against this vulnerability.