Certain cryptocurrencies, even though starting from humble backgrounds are still going strong in the world of crypto. One such name in the community would have to be Trezor One. according to the experts who founded this particular hardware crypto wallet, as long as there is a particular seed of recovery written down along with the passphrase and the PIN installed, it is definitely impossible to hack the wallet, Trezor One, at least theoretically.
Just like all the other things, Trezor, which was a pretty household name in the community of cryptocurrency has about 1 million sold units. However, the beginnings of the wallet were pretty humble.
The idea began after the BTC conference that took place in 2011 in Prague. 2 cryptocurrency enthusiasts, Pavol “Stick” Rusnák & Marek “Slush” Palatinus, had a vision of a small and single-purpose computer that would store users’ Bitcoin private keys in a secure manner.
In 2013, the two made a contribution to the community by creating SatoshiLabs. Just a year after that, the first-ever Trezor wallet which was named Trezor One was launched. Then was the time for the Trezor Model T to launch, which had a particular touchscreen installed in the device.
Both of these models are currently found on the market all over the world, with the firmware patched every single month or so. With the creation of seed recovery as well as passphrase protection, Trezor definitely set all the norms for the entire industry in terms of security when it came to hardware wallets.
Also Read: Trezor vs Ledger: An in-depth comparison between the best
In a very exclusive interview, Kristýna Mazánková who is the PR Head of SatoshiLabs, and Josef Tětek, the brand ambassador of Trezor, discusses how Trezor still remains true to its goal of privacy and security after all these years. When asked about the vulnerability of their customers’ data, they said: “We don’t have any data on our customers [in our servers] because every 90 days, we wipe whatever is stored. So that’s something that is super important to us because we understand that everything is theoretically hackable.”
They also noted, “When it comes to security, the key feature is it’s a standalone physical device. It’s not possible to hack it remotely.” “If somebody were to get your hardware wallet, there is an additional layer of protection, such as the PIN code, which locks the device. Even if they were to get around that, there’s always the recovery seed.”
Tětek also provided an explanation that it’s still not the end of the world if hackers manage to find one’s recovery seed, as the inclusion of a passphrase makes the recovery seed useless by itself. “If you have your Trezor setup, with a recovery seed written down and protected with both PIN and passcode, there’s no way to hack the device at all,” says Tětek. However, he warned: “Without the passphrase production, there is the possibility to read the seed from the device if you have very specialized equipment.”
When asked about just how on Earth a hacker managed to hack a Trezor wallet and recovered $2 million in ‘lost’ crypto in January, Mazánková and Tětek told Cointelegraph: “It was like a double coincidence that the owner didn’t update their firmware for five years and didn’t have a password set up. So, I think the engineer conducted about 1,000 tries to make sure he didn’t fry the chip before extracting it because if he had one mistake on the chip, he would fry the chip, and the wallet would become non-recoverable.”
This year the hardware wallet Trezor also has the main focus on integrating CoinJoin into the hardware wallet that it has. Made possible by Bitcoin’s Taproot upgrade last November, CoinJoin organizes multiple Bitcoin transactions into a single arrangement to obfuscate who owns which coin afterward, thereby significantly improving user privacy. Another major update on the table is being able to run one’s own node directly from the Trezor Suite.
