Introduction: Is Trezor Wallet Secure?
When it comes to keeping your Bitcoin and other cryptocurrencies safe, Trezor is a household name. As someone who has spent a decade specializing in crypto security, I understand the importance of keeping your digital assets secure. In this in-depth article, I will discuss the security features of Trezor wallets and answer a pressing question: Has Trezor ever been hacked?
Security Features of Trezor Wallets
Trezor offers two primary models: Trezor Model One and Trezor Model T.
Both models come with robust security features designed to keep your private keys and funds safe. As a professional in crypto security, I can vouch for the credibility of these features. Let's examine them:
- Offline Private Keys: Private keys remain offline even when connected to an internet-enabled device. Your private keys are impervious to online hacking attempts.
- Recovery Phrases: These 12, 18, or 24-word long phrases act as a backup if you lose access to your wallet. Keep them in a secure location to deter unauthorized access.
- PIN Code Protection: A PIN code between 4 to 9 digits protects your Trezor wallet. Multiple failed attempts reset the device, adding an extra layer of security.
- Open-Source Software: The community can audit the transparent code, allowing any potential vulnerabilities to be identified and addressed promptly.
🔒 Note: Trezor doesn't use Secure Elements Chips commonly found in credit cards. They argue that such chips contradict the transparent nature of cryptocurrency.
Have Trezor Wallets Been Hacked?
Yes, but understanding the nature of these attacks is crucial. Attacks usually require physical access to the wallet.
- Joe Grand's Hack: In early 2022, hardware hacker Joe Grand revealed how he hacked the Trezor Model One. Trezor fixed this vulnerability soon after it was disclosed. They moved the PIN and key to RAM during the firmware update and installed unauthorized code on the device. After the video was released, Trezor confirmed that this exploit was fixed and could no longer happen on new devices.
- Seed Extraction Attacks: The other two attacks on Trezor were the so-called Seed Extraction Attacks performed by the Donjon security team and the Read Protection Downgrade Attack performed by Kraken Security Labs.
Both attacks could happen only because the Passphrase feature was not enabled on the devices. A strong passphrase fully mitigates the possibility of a successful attack. So you should always have it activated. Also the attacker must possess a specialized hardware tool, strong technical knowledge, and physical access to bypass the protection.
Trezor acknowledges these incidents and works diligently to improve security measures. They also advocate for community-driven security research to fortify industry standards.
Until today, there are no known remote attacks on Trezor devices, and remote attacks are the most common; according to Trezor, 94 % of the attacks are happening remotely.
Since these incidents, Trezor wallets haven't been hacked. This is likely due to the many firmware updates the wallet has implemented.
Remaining Vigilant 🛡️
Beware of phishing attacks targeting Trezor users, often involving compromised MailChimp services. Be vigilant against suspicious links and unsolicited requests for personal information.
Concluding : How Safe Is Your Trezor Wallet?
While Trezor wallets have been hacked through physical means, they remain highly secure against remote internet-based attacks. By following best practices in wallet and key management, your assets remain secure.
- Trezor offers robust security features.
- Physical access is often required for a successful hack.
- Stay vigilant against phishing attacks.
📌 Tip: Considering a hardware wallet? Just click the button below.
If you are looking for your next hardware wallet, you can check our comparison of the best crypto hardware wallets currently available.