Trezor Sales Skyrocket by 900% Despite Reddit Scam Warnings
Hardware wallet maker Trezor’s sales just skyrocketed by 900% week-over-week, despite Reddit users warning that fake Trezor phishing websites are being promoted across social media.
Reddit user bitcoin-o-rama warned Reddit users that the social media site allows scammers to pay to promote fake Trezor sites and told users not to click on any of these ad links.
The spike in Trezor sales comes in wake of its major hardware wallet rival Ledger proposing a new feature that gave some cryptocurrency investors the jitters.
Ledger’s proposed feature, called Recover, allows users to export their wallet’s private keys to Ledger in order to help them recover their crypto if they lose their private keys.
Private keys, which are sometimes referred to as seed phrases, are a series of random words that provide access to a user’s crypto wallet (and therefore their crypto) and should be kept secret.
The proposed feature thus unnerved Ledger wallet owners who feared that Ledger might all of a sudden gain access to their private keys, compromising their crypto’s security.
Indeed, under the wallet makers' proposal, the private keys would be exported to three separate parties and involve a user providing their identification.
“The crypto community has spoken loudly and clearly on their insistence for uncompromised security of hardware wallets and this is echoed in an extraordinary bounce in our sales over the past week” Trezor CEO Matej Zak said in a statement shared with crypto news outlets.
Ledger has clearly stuck its foot in its mouth with its latest proposed update, with some Ledger wallet owners have interpreted as signaling that the security of their private keys is compromised.
But anyone thinking about making the switch to a Trezor wallet
Read more on cryptonews.com
