An astonishing 900% surge in sales has been reported by Trezor, a recognised name in the hardware wallet sector. Trezor’s good reputation for prioritizing client privacy and security is considered as a major factor in the company’s recent sales success.
Trezor Capitalizes on Ledger’s Recent Announcement
In fact, the increase follows Ledger’s seed recovery function, which faced fierce disapproval from the cryptocurrency community.
According to Trezor, it is a completely open-source business, which means that independent technical specialists inspect and evaluate each step of its procedures to ensure that remote seed phrase extraction is not feasible and will never be used. Trezor CEO Matj ák was quoted as saying in a news release:
“In Trezor, we believe that hardware wallets – cold storages that promise 100% self-custody should, at no stage, make the seed phrase accessible to anyone but the user.”
Unciphered Claims to have Means to Break into Trezor T
However, Unciphered, a security company, purportedly claimed to have discovered a means to breach Trezor T’s hardware wallet, raising questions about the wallet service provider’s degree of security. Tomá Suánka, CTO of Trezor, claimed that the company had discovered the RDP downgrade exploit issue in a 2020 blog post.
“Even with the above, Trezors can be protected by a strong passphrase, which adds another layer of security that renders an RDP downgrade useless.”
Ledger Loses the Trust of Crypto Industry
Meanwhile, Ledger’s CEO, Pascal Gauthier, has recently stated that if required to do so by the authorities, the company might divulge information on its clients’ private seed phrases.
Users are concerned about the internet storage of their seed phrases and the requirement for a know-your-customer approach due to Ledger’s contentious Ledger Recover functionality.
Users Question Ledger’s Reliability
Even if customers decide not to sign up for Ledger Recover, the company’s data handling procedures have already come under scrutiny following Ledger’s 2020 data breach, leading consumers to question the security of their devices and seed phrases.
Ledger chose to suspend the public release while working on modifying the code to give transparency and authenticity priority in response to user concerns.