Trezor, a leading hardware wallet manufacturer, has seen a huge boost in sales after its rival Ledger faced backlash over its Recover feature. However, a new video by Unciphered reveals that Trezor’s latest wallet can be hacked physically.
How Trezor Benefited from Ledger’s Controversy
Ledger, one of the most popular hardware wallet providers, recently announced an opt-in feature called Recover, which allows users to restore their funds using a recovery phrase. This feature sparked controversy among crypto users, who feared that it could compromise the security and privacy of their wallets. Many users decided to switch to other hardware wallets, such as Trezor, which claims to offer better security and user experience. As a result, Trezor reported a 900% increase in sales week-over-week .
How Unciphered Exposed Trezor’s Vulnerability
However, Trezor’s security claims have been challenged by a new video released by Unciphered, a company that specializes in recovering lost or inaccessible crypto assets. The video shows how the mnemonic seed phrase of Trezor’s latest wallet, the Trezor T, can be extracted by physically accessing the device and using specialized equipment . This means that anyone who can get hold of the wallet can potentially access the funds stored on it. Unciphered also stated that this vulnerability cannot be fixed by a firmware update and that all Trezor T wallets are affected.
What This Means for Hardware Wallet Users
The video by Unciphered has raised serious concerns about the security of hardware wallets in general and Trezor T in particular. Hardware wallets are supposed to provide the highest level of security for crypto users, as they store the private keys offline and away from hackers. However, if they can be hacked physically, then they lose their main advantage over other types of wallets. Users who own Trezor T wallets may want to consider moving their funds to another device or platform until Trezor addresses this issue. Users who are looking for a hardware wallet may want to do more research and compare different options before making a purchase.
