Trezor Sees 900% Rise in Sales Following Ledger Seed Recovery Issues

Trezor, a leading hardware wallet provider, has experienced a remarkable surge in sales volume, with a reported 900% week-on-week growth, according to a press statement released on May 25. This surge in demand comes as a response to the controversy surrounding Ledger’s seed recovery feature, which has faced strong opposition from the crypto community.

Trezor, a leading hardware wallet provider, has experienced a remarkable surge in sales volume, with a reported 900% week-on-week growth, according to a press statement released on May 25. This surge in demand comes as a response to the controversy surrounding Ledger’s seed recovery feature, which has faced strong opposition from the crypto community.

Trezor’s CEO, Mat?j Žák, emphasized the company’s commitment to ensuring the utmost security and control for its users. He stated, “At Trezor, we firmly believe that hardware wallets, as cold storage solutions, should never expose the seed phrase to anyone other than the user, ensuring 100% self-custody.”

Trezor differentiates itself as a fully open-source company that subjects all its processes to rigorous scrutiny by independent technical experts. This approach guarantees that remote extraction of seed phrases is impossible and has never been implemented in their products.

Concerns among users regarding Ledger’s seed recovery feature, as well as the associated online storage of seed phrases and the need for a know-your-customer process, have further contributed to the increased demand for Trezor wallets. The 2020 data breach experienced by Ledger has already cast doubt on the company’s data handling practices, leading users to question the security of their devices and seed phrases, even if they opt out of Ledger’s recovery feature.

In response to these concerns, Ledger has decided to pause the feature’s release to rework the code and prioritize transparency and verifiability. During a recent Twitter space event, Charles Guillemet, Ledger’s Chief Technology Officer, outlined the company’s open-source roadmap. He revealed plans to expedite the process and make the white paper on the Ledger Recover protocol and the firmware that implements the feature publicly available.

Amidst these developments, a security firm called Unciphered reportedly claimed to have discovered a vulnerability that allowed them to hack into Trezor T’s hardware wallet. This discovery has raised concerns about the overall security provided by the wallet service provider.

Trezor’s CTO, Tomáš Sušánka, acknowledged the existence of the RDP downgrade attack vulnerability in a blog post from 2020. Sušánka clarified that this type of attack requires the physical theft of a device and a high level of technical knowledge and advanced equipment.

Furthermore, he stated that Trezor wallets can be safeguarded by employing a strong passphrase, which adds a layer of security that renders an RDP downgrade useless.

To address these concerns, Trezor has taken significant steps by developing the world’s first auditable and transparent secure element through its sister company, Tropic Square. This further demonstrates Trezor’s commitment to providing robust security measures for its hardware wallet users.

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