Trezor sales experience a 900% week-on-week growth as users look for haven
Trezor, a hardware wallet provider, has had a 900% week-on-week growth in its sales amid the Ledger controversy.
Trezor sales skyrocket
Trezor sales are skyrocketing owing to Ledger’s recovery feature that faced much criticism from the crypto community. Despite the delay in releasing the feature, the damage appears to be done, and user confidence has decreased.
Trezor CEO Matěj Žák mentioned that Trezor believes their hardware wallets have 100% self-custody and would never provide the seed phrase accessible to anyone who is not the user. Trezor describes itself as a fully open-source company. It implies that independent technical specialists check and investigate its procedures, ensuring that remote seed phrase extraction is impossible.
Security firm Unciphered allegedly said it had discovered a vulnerability to hack into the Trezor T wallet. In an email shared with CryptoSlate, Trezor’s CTO Tomáš Sušánka said the firm has highlighted, in a 2020 blog post, the RDP downgrade vulnerability. The post also noted that the attack needed the physical theft of a device and advanced technical knowledge to implement.
Sušánka confirmed that Trezors could be protected through a strong passphrase that gives more security, rendering an RDP downgrade useless. In addition, Trezor has taken steps to solve the issue by introducing the world’s first auditable and transparent secure element through Tropic Square, its sister company.
Ledger users panicked over security
The Ledger Recover feature has come under fire for issues storing seed phrases online and implementing a know-your-customer(KYC) process.
Ledger also had a data breach in 2020 that raised questions about how the company handled data. Users have been left with questions about the security of their seed phrases and devices, even when choosing to opt out of the Ledger Recover subscription.
In a recent Twitter space, Ledger’s Chief Technology Officer Charles Guillemet mentioned that the company would release an open-source roadmap with plans to accelerate the process. It will also reveal its whitepaper on the Ledger Recover protocol and the feature’s firmware.