Developements

Warning coming from SatoshiLabs of fake Trezor wallets sold online

Cryptocurrency wallets may need consumer protection

As cryptocurrency hardware wallets get increasingly more popular, both consumers and corporations act to ensure storage of their holdings in a safe and secure manner. Trezor is currently one of the few ones that are manufacturing these products, the company has recently however found out that there were fake copies that are being sold on the internet.

Consumers must be aware of fake Trezor devices as a cryptocurrency wallet is designed for one specific purpose, to keep digital assets safe from hacking and theft. These devices are playing an increasingly important role in the cryptocurrency and Blockchain industry development.

SatoshiLabs has put out a warning telling users about fake Trezor hardware wallets devices that are currently being sold on the web.

Technology products are usually imitated on the market, by making cheaper knockoffs of virtually all devices in existence. cryptocurrency wallets have been added to this list now, these fake Trezor wallets can pose genuine security problems because of this. Users need to know if their private keys have been exposed to third parties, and if that is the case the user must end up losing funds in the midst of this hardware-based security precaution.

hardware wallets

There have been reports before of Trezor wallets being cloned, as there have been other companies that have sold their own version of the Trezor, who then later identified the product ownership. In this particular case, the Trezor was sold as if it was manufactured by SatoshiLabs. This creates a new set of problems to take into account. The basic functionality of the device cannot be guaranteed, as it is best avoided altogether.

Tips to ensure that your Trezor hardware wallet is authentic

Users can verify if the Trezor device that is being used is genuine, by looking at the holographic seal as it can tell about the packaged device. It is in the users best interest to do proper research on these products before using or purchasing the device. If the device is being sold at a very low price, in this case, the user or purchaser should get in contact with SatoshiLabs for further information.

If you are looking to buy a legitimate hardware wallet, then purchasing from a third-party is not a good option. In this case, it is recommended to buy your Trazor wallet directly from the manufacture of the Trezor device.

hardware wallet

There can be a lot of listings that can be found on eBay, AliExpress, Taobao, and Amazon for these devices. The demand for hardware wallets is increasing due to the growing popularity of cryptocurrency as unscrupulous individuals are counting on this kind of security.

All buying of crypto assets and hardware wallets should always be done via the manufacturer directly. Whether you prefer a Trezor, Ledger or Keepkey hardware wallet, all manufacturers offer direct online sales. The company will also list other official sellers of the device that can be trusted. Buying these devices from any unofficial vendor may bring forth a lot of trouble. As it is unclear if the third-party vendor actually has legitimate intentions. In finance, there is no need to take additional risks to your assets or funds.

What are your thoughts on this treat in the crypto industry? please feel free to leave your comment down below.

coinmag

My occupation is the Research of blockchains and their practical applications in the economy. I have graduated through various levels of education, including electrical technique, Business, Psychology, and innovative technologies.

  1. DUNCAN EDMOND

    November 22, 2018

    VeChain like technology is so needed eh!

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