Trezor sales soar 900% amid Ledger’s seed recovery controversy

Hardware wallet provider Trezor reported a 900% increase in sales week-over-week, according to a May 25 press statement. crypto slate.

This surge came in the wake of the ledger’s seed recovery feature, which sparked fierce opposition from the cryptocurrency community.

According to a press release, Trezor CEO Matěj Žák said:

“At Trezor, we believe that a hardware wallet, a cold storage that promises 100% self-custody, should not allow anyone other than the user to access the seed phrase at any stage.”

Trezor said the company is a fully open source company. That means some independent technical experts audit and check all of its processes and remote seed phrase extraction is not possible or never implemented.

ledger problem

Ledger’s controversial Ledger Recover feature has caused users to be concerned about the need for online storage of seed phrases and a process of understanding customers.

Ledger’s 2020 data breach has already raised questions about the company’s data processing practices as users question the security of their devices and seed phrases, even if they choose not to subscribe to Ledger Recover. causing it.

In response to user concerns, Ledger decided to pause releases while working to refactor the code and prioritize transparency and verifiability.

In a recent Twitter space, Ledger Chief Technology Officer Charles Guillemet outlined the company’s open source roadmap, accelerating the process and open sourcing a white paper for the Ledger Recover protocol and the firmware that implements its features. announced plans to convert

Trezor answers concerns about old vulnerabilities

Meanwhile, security firm Unciphered reportedly He said he found a way to hack Trezor T’s hardware wallet, raising concerns about the security level of wallet service providers.

share in another email crypto slate On May 25, Trezor CTO Tomáš Sušánka said the company had identified an RDP downgrade attack vulnerability in 2020. blog post.

According to Sushanka, the attack “requires physical theft of the device, advanced technical knowledge and sophisticated equipment.”

Sushanka said:

“Even with the above, Trezor can still be protected with a strong passphrase, which adds an extra layer of security that makes downgrading RDP useless.”

For hardware wallet service providers to solve this problem, company executives said, The world’s first auditable and transparent secure element Through our sister company Tropic Square. “

Post-Trezor sales skyrocketed 900% amid the Ledger seed recall controversy, first appearing on CryptoSlate.

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