Wallet War: Trezor Triumphs as Ledger Faces Backlash
By Gagarin News 82 26 May 2023
Hardware wallet provider Trezor has reported a 900% surge in sales week-on-week, following the controversial seed recovery feature introduced by rival company, Ledger. Trezor CEO Matěj Žák emphasised the firm's commitment to user privacy and secure storage of seed phrases, stating that remote seed phrase extraction is impossible due to the open-source nature of their operations.
The controversial Ledger Recover feature has raised concerns about seed phrase storage and the need for a know-your-customer process. In response to these concerns, Ledger has paused the release of the feature to work on improving transparency and code verifiability. Separately, a security firm reportedly claimed it had found a way to hack into Trezor T's hardware wallet, but Trezor has assured that it had identified and addressed this vulnerability previously.