Key Points:
- Trezor sales increased by 900% after Ledger announced the Recover feature.
- The unciphered video reveals the wallet can be physically cracked, raising security concerns.
Hardware wallet Trezor reportedly stated that its sales soared 900% week-over-week after its competitor Ledger announced an opt-in feature called Recover. However, the Unciphered video shows that its latest wallet can be physically cracked.
Unciphered, a company that provides services to recover previously inaccessible digital assets, released a video on how to access the secret key on Trezor T. This has brought to light the security concerns around hardware wallets and has caused many to question the safety of their digital assets. In response to this, both Trezor and Ledger have been making efforts to increase transparency and security.
Ledger originally released plans for a feature called Recover, which would allow the company to access users’ seed phrases. This caused an uproar in the crypto community as it involved exporting users’ secret keys to three different parties and providing users’ identification to one of those parties. Many Ledger owners were unaware that it was possible to export the secret key, and this realization has led to concerns about the security of hardware wallets.
Trezor, on the other hand, claims to be fully open-source and has a bug bounty program, which allows security researchers to audit the company’s hardware wallet independently. This is echoed by the company’s CEO Matej Zak, who said that the crypto community had spoken loudly and clearly on their insistence for the uncompromised security of hardware wallets.
Despite these efforts, both firms have had their share of problems. Unciphered’s video on how to access the secret key on Trezor T has raised concerns, and Kraken had already released a way to hack both the Trezor T and Trezor One in 2020. Additionally, former CEO and co-founder of Ledger, Éric Larchevêque, alleged on Reddit that firmware could be developed for Trezor, which would result in exporting the secret key.
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Source: https://news.coincu.com/190546-unciphereds-video-exposes-flaws-in-trezor/