If you are looking for a safe way to store your cyptocurrency then getting yourself a nice hardware wallet is the best choice for most people. Why? Well because not only do hardware wallets (not all of them) do a great job at securing your cryptocurrency but they also are much more convenient than.. say… a paper wallet.
You have to be careful when buying hardware wallets such as the TREZOR however. I’ve heard many “TREZOR scam” comments on forums, reviews, etc but the people that are getting scammed are the ones to blame… not the SatoshiLabs, which is the company that makes the TREZOR.
In this short post I’ll be going over how to get a real TREZOR and not get scammed. I’ve heard of people losing 10’s of thousands of dollars from being scammed with “TREZORs” and this is no joke. But before I get into that I first want to briefly go over what TREZOR is exaclty.
What is a TREZOR?
A TREZOR is a hardware wallet that is created by SatoshiLabs. They have been around for a while and are one of the more trusted wallet producers out there.
The TREZOR wallet itself is not a scam but there are TREZOR scams out there, which you will understand in a minute.
TREZOR wallets along with others like the Ledger Nano, are some of the safest way to store crypto’s. They never reveal your private key even when plugged into a computer. This means that a computer can have malware on it and you can still safely plug in your TREZOR to transfer funds without having any problems.
In addition to this they are easy to use. You can plug one into a computer and be connected to the blockchain in a matter of seconds so that you can make transactions.
So What’s The “Scam” Then?
There are actually quite a few “TREZOR” scams out there and they will never go away. There will always be scammers out there looking to steal people’s crypto. You just need to be careful and know what to look out for, which is what I’m going to cover here.
I’ll be going over 2 types of TREZOR scams that I have come across and that you should be aware of before you purchase one of these wallets. These include fake TREZOR scams and tampered with TREZOR scams.
#1 – Fake TREZORs Being Sold
You will find all sorts of fake TREZOR’s being sold on Ebay, Amazon, at Bitcoin and blockchain conferences, on sites with the name “trezor” in them but with the wrong ending (remember the official site ends in .io not .net, .co or anything else).
If you buy a fake TREZOR then you are screwed. There is no telling what malicious code might be on there or what might be inside. There could be a wireless transmitter that alerts the scammers of the pin being used or numerous other possibilities.
So while you may be able to find a cheaper supplier on sites like Ebay, don’t buy just because of this. Make sure its legit. And if there are people handing out TREZOR for free at bitcoin or blockchain conferences then you probably can’t trust them. I’ve actually heard of this happening. Real TREZOR’s sell for close to $100 so if someone is handing out them by the dozens they are more than likely fake.
#2 – TREZORs That Have Been Tampered With
I’m listing this as the 2nd on the list but it might actually be the more common of the two. I’ve seen quite a few of both going around.
Some people are selling real TREZOR’s but they have been tampered with. This is yet another reason why if you are going to buy one you need to buy one from a reputable source.
When you get your TREZOR it should come with instructions on how to set it up. You will be prompted to set up a “seed” which will consist of 24 random words that will be generated on your device. If you buy a TREZOR and it comes with a pre-defined seed then this is a SCAM.
I’ve heard about people buying TREZOR’s on Ebay that come already pre-set up with the seed and pin already created. Whats going on here is the sellers are buying real TREZOR’s and they are setting them up then reselling them. This means that they now know the your precious seed and can steal your crypto holdings at any time.
Again, the TREZOR’s that I’m talking about are real TREZOR’s. They look real, function real, and are 100% real…. but they are scams.
Real TREZORs = Real Good and Safe
I want to reiterate that real TREZOR’s are good and not scams. They use open source code so that if you don’t trust them you or anyone else could take a look at the code they run on to make sure its safe. If you do have a TREZOR that you think you may have got from a secondary or untrusted source this might be worth doing… or else just buy a new one.
And if you are going to buy a TREZOR then there are 2 places I recommend: TREZOR.io which is their official site, or they also sell on Amazon.com. If you do buy on Amazon make sure that the seller’s name is Trezor. Don’t just buy from anyone because there could be scam sellers there too. The Amazon link I provided above will take you to their listing.
TREZOR FUD – Don’t Get Caught Up In All Of This
There is a lot of FUD (fear, uncertainty, doubt) in the crypto space, much of which is unwarranted. I’ve seen all sorts of allegations about TREZOR itself being a scam, being unsafe, being easily hack-able, etc…. much of which is not true.
I’ve read all sorts of crazy stories online about TREZOR being a scam. One thing that comes to mind which is quite comical was on the BitcoinTalk forum. Apparently there was rumor going around that TREZOR was working with the FBI and the FBI had them implement some code. Of course this is completely false and anyone can see that by looking at the code, but its just an example of how strange some of the FUD can be.
The SatoshiLabs company is very transparent and I do trust what I have seen out of them. When they have security concerns they will write about them in their blog and they will give you the truth. If something has been hacked they tell you.
There is no hardware wallet out there that is going to be completely un-hack-able. Hackers get more advanced and techniques used evolve. That is why TREZOR has updates, to fix these issues.
If you do have an older software version on your TREZOR when you plug it in you will be prompted to update it, which I suggest doing right away.
What you should take away from this all is that there are TREZOR scams out there but as long as you buy your TREZOR from a trusted source like I went over above then you will be good to go.
Fake TREZOR’s and tampered with TREZOR’s are just two types of scams that I’ve come across. I’m sure there will be others in the future.
Stay safe and keep your cryptocurrency even safer.
If you have any comments or questions just leave them below in the comment section and I’ll gladly get back to you soon 🙂