On Nov. 19th, Satoshi Labs, the company behind the hardware cryptocurrency wallet Trezor, published their insight into new illegal activities involving the theft of cryptocurrencies from unsuspecting victims. According to the intel, criminals are distributing “one-to-one copy of Trezor One” and using them to steal the digital assets of those people.
The fake copies, as outlined in the article, are trying to “replicate the original to the bone.” This makes it hard to differentiate between the original and the fraudulent one. To put it simply, “It is not dissimilar to counterfeit brand clothing.”
Just as counterfeit brand clothing is distributed, so is the Trezor wallet. It might appear to be with a decent discount. This, by itself, should raise the alarm about the merchant, the product and their reliability. They also come with a fake holographic seal. If a customer gets their hands on a fake device, they should contact the support of the website to investigate the case further.
SatoshiLabs advise all interested in purchasing to head to the official Trezor website and find a convenient authorized reseller. This will ensure that you get the real product and limits the possibility of exposure to thieves.
What is the Trezor wallet?
The Trezor One and Trezor Model T are leading hardware wallets designed to ensure the safety of your digital assets, keys, and passwords. The company behind the products is run by the renowned crypto experts — Slush and Stick. It runs on a completely open-source firmware and is open for development.
The Trezor Model T was released more recently, and it features much greater functionality. Its firmware and hardware are designed with the intent of expanding its functionality over time as well as introducing support for a lot of new digital assets. On the side of the Trezor wallet, there is a Micro-SD card slot for data encryption. As of now, both hardware wallets can store over 500 different cryptocurrencies.
The device itself is slightly bigger than the Trezor One, but it is to be expected with the more powerful tech inside it. On the bottom of the device, you can find a USB-C type connector and touchscreen display on the front. With it, you can easily operate the device as compared to the previous model and its two control buttons. The best part is that before you enter your pin, the Model T won’t interact with the computer at all — no more malware or keyloggers anxiety.
The digital assets, keys, and passwords can be accessed through the Trezor Wallet and the Trezor Password Manager. The wallet will generate once a unique seed which will act as a backup if it is ever lost. Although the recovery seed matches a standard developed by SatoshiLabs, it is widely compatible with many wallets.
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