Quick Facts
Trezor Products
- Model T
- Safe 3
- Model One
- Keep Metal
- Cryptotag Zeus Plate
Company Vitals
Founders: Marek Palatinus and Pavol Rusnak
Year Created: 2013
Headquartered: Prague, Czech Republic
Parent Company: Satoshi Labs
Company Overview
Trezor is a pioneering company in the field of cryptocurrency security, founded in 2013 by Marek Palatinus and Pavol Rusnak. Headquartered in Prague, Czech Republic, the company is part of SatoshiLabs Group, which has been a significant player in the cryptocurrency industry since its inception. The founders, who are also known by their online handles “Slush” and “Stick,” leveraged their expertise in cryptography and software development to create the first-ever hardware wallet for cryptocurrencies, the Trezor One, which was launched in 2014.
Trezor’s mission is to provide secure, user-friendly solutions for managing cryptocurrencies, making it easy for individuals to safely store and manage their digital assets. The company has a strong focus on open-source development, which is a testament to its commitment to transparency and security. By allowing the community to review its code, Trezor ensures that its products are continuously scrutinized for potential vulnerabilities and improved upon.
Trezor offers a range of hardware wallets, including the Trezor Safe 3, which was released in 2024. The Safe 3 is the latest in a line of innovative products designed to meet the evolving needs of cryptocurrency users. It features a touchscreen for easy navigation and secure on-device entry, a sleek and durable design, and support for almost any major digital asset or Ethereum-based token. The Safe 3 also introduces the Secure Element Protection (EAL6+) and the option for a device-entry passphrase, providing an additional layer of security.
The company places a strong emphasis on user control over their private keys, ensuring that users are the sole owners of their coins. Trezor wallets keep sensitive data offline, reducing the risk of hacking or malware attacks. Furthermore, the recovery process for lost or damaged wallets is straightforward, with users able to regain access to their funds by using a recovery seed generated during setup.
Security Incidents
- In March 2024, Trezor’s X (formerly Twitter) account was compromised, leading to a sophisticated phishing attack. Trezor responded by enhancing security for social media procedures. But didn’t publicly disclose their new measures taken.
- January 2024, Trezor’s 3rd party support ticketing system was compromised, exposing the contact details of up to 66,000 users. This incident led to an increase in phishing attempts, including an unauthorized email sent to users. Trezor took steps to mitigate the impact, such as alerting affected users and enhancing security measures. They’re also working with their 3rd party support ticketing system to make sure this doesn’t happen again.
- There have been discussions and concerns about the security of hardware wallets in general. For example, a vulnerability in Trezor T and One models was discovered in 2020, which allowed the extraction of private keys if an attacker had physical access to the device for at least 15 minutes. Trezor downplayed the risk stating that the brute force attack couldn’t be done stealthily nor easily as it required specialized equipment.
Big Brother Government Influence
- Address Ownership Proof Protocol (AOPP) Controversy: In 2024, Trezor faced backlash from the crypto community for integrating AOPP, a protocol designed to ease the implementation of anti-money laundering (AML) obligations for crypto companies. The move was criticized for potentially helping regulators in their effort to overregulate the industry, leading to concerns about privacy and the decentralization of cryptocurrencies. Trezor did the right thing and eventually announced the removal of AOPP and promised to focus on features to cut off regulatory overreach at the source.