Specifically, Trezor’s parent firm Satoshi Labs reportedly disclosed its new project will be offering “more robust protection”, compared to wallets operating on browsers, as well as claim they have reduced the risk of phishing attacks – which usually aims at crypto players – to zero.
Hardware wallets – although is a generally selected cold storage solution – are reportedly still targets for data breaches. In January, Kraken Security Labs reportedly notified that attackers were able to retrieve private keys from a Trezor hardware wallet, in under 15 minutes of physical access to the device.
The competition between top-tier rivaling firms across the cryptocurrency wallet sector has reportedly been intense, with data security usually at the center of the debates.
In September, users using Electrum – a Bitcoin hot wallet – have reportedly been the victim to attackers, using phishing scams that caused millions of dollars of financial damage. Ledger – another hardware wallet providing company – confirmed a data breach took place in June this year, which has exposed approximately over one million user email addresses to attackers.
Trezor additionally remarked that its desktop app would still be in the public beta phase and only ends in January 2021, the same time the old Trezor Wallet that runs on browser will reportedly be disabled.