Trezor, a hardware wallet provider, experienced a 900% surge in sales following concerns over Ledger's seed recovery feature, emphasizing the importance of self-custody and security in the crypto community.
Trezor, a hardware wallet provider, experienced a significant surge in sales volume, reporting a 900% week-on-week growth, as per a press statement shared with CryptoSlate on May 25.
The increase in sales follows concerns within the crypto community regarding Ledger's seed recovery feature. Trezor's CEO, Matěj Žák, emphasized the importance of ensuring self-custody and preventing access to the seed phrase by anyone other than the user.
Trezor, being a fully open-source company, undergoes rigorous audits to ensure the impossibility of remote seed phrase extraction. In response to user concerns, Ledger paused the release of its Ledger Recover feature and pledged to enhance transparency and verifiability. Additionally, concerns were raised about a reported vulnerability in Trezor T's hardware wallet, known as the RDP downgrade attack.
Trezor's CTO, Tomáš Sušánka, addressed the issue, stating that the attack requires physical theft, advanced technical knowledge, and equipment. Sušánka reassured users that a strong passphrase adds an extra layer of security, and Trezor has taken significant steps to address the vulnerability through its sister company, Tropic Square, by developing an auditable and transparent secure element.