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Trezor Warns Consumers as Trezor One Fakes Flood the Market

Last Updated April 11, 2023 4:00 AM
Jimmy Aki
Last Updated April 11, 2023 4:00 AM

Crypto hardware wallet provider Trezor has warned customers of a new method being used by thieves to steal cryptocurrencies from hardware wallets.

Trezor, known for its flagship hardware wallet Trezor One and the Trezor Model T, said unscrupulous individuals were distributing “one-to-one copy of Trezor One,” using it as a medium to steal other people’s money and tarnish the brandin a Medium post . The company said they had gotten accustomed to Trezor clones, created by legitimate companies and marketed under a separate name, but the revelations of the Trezor fakes are startling.

According to Trezor, the fake hardware wallet replicates the real wallet to the core, which makes it hard to distinguish from the original.

The fakes pose a security threat to the funds of cryptocurrencies and other digital assets of users, Trezor noted in the post.

“You would not entrust your money to somebody who has already cheated you by selling you a different product than you thought you were buying. We, therefore, recommend not to use this device and report it to us, which would help us fight these scams and provide you with a legitimate device.”

One way of distinguishing the fake Trezor One devices from the original is through the pricing. As with most clones, the end product is often offered at a very steep discount to encourage patronage, and this is a red flag Trezor hopes users can recognize when they see it.

Another way of distinguishing the real deal from the fakes is with the hologram that comes on the seal of the box. Trezor uploaded a video on the Activation Page  for new hardware wallets so users can view and compare the hologram in the video with the one on their devices. The hardware wallet provider also warns customers to shun online marketplaces when buying their wallets and only make purchases from authorized resellers, the official Amazon store and on Trezor’s website.

“If you are not sure about the authenticity of the seller or the channel, always proceed with the official channels,” the post concluded.

The latest move comes on the heels of the recent bitcoin giveaway scams on Twitter, where hackers took control of verified and trusted Twitter accounts to offer free tokens to unsuspecting members of the public.

Featured image from Trezor.