Hardware cryptocurrency wallets are becoming more popular. Consumers and corporations act to ensure they can store their holdings in a safe and secure manner. Trezor is one of the few manufacturers providing these products. However, the company noted fake copies are being sold on the Internet.

Beware of Fake Trezor Devices

A cryptocurrency hardware wallet is designed for one specific purpose. It keeps digital assets safe from hacks and theft. As such, these devices play an increasing role of importance in the industry. Not all offerings one comes across are legitimate, unfortunately. SatoshiLabs is warning users about fake Trezor devices currently being sold on the internet

It is not uncommon for existing technology products to be imitated. Cheap knockoffs of virtually all devices exist. It now seems cryptocurrency hardware wallets are added to this list. These fake Trezor One wallets can pose genuine security problems. Users never know if their wallet’s private key is exposed to third parties. If that is the case, they can end up losing funds while taking this hardware-based security precaution.

It is not the first time Trezor clones have shown up either. Other companies have sold their own versions of the Trezor but have identified their products as their own. In this particular case, the copies are sold as if manufactured by SatoshiLabs. That creates a whole new set of problems to take into account. Since the basic functionality of the device cannot be guaranteed, it is best to avoid it altogether.

Some Tips to Ensure Authenticity

In its blog post, Satoshilabs explains how users can verify if their Trezor is genuine. Looking at the hologram can tell a lot about the packaged device. It is in the user’s best interest to do proper research before using such a device. Another warning sign to look out for is if the device is being sold at a very cheap price. If there is any doubt, getting in touch with SatoshiLabs may be one’s best option.

For users looking for a legitimate hardware wallet, buying from third-party sellers is not an option. On eBay and Amazon, many listings for such devices can easily be found from non-official sellers. Many of these fake devices also appear on AliExpress and Taobao. Demand for such wallets is high due to their popularity, and unscrupulous individuals are counting on this fact.

Buying a cryptocurrency hardware wallet should always be done via the manufacturer directly. Whether it is a Trezor, Ledger, or KeepKey, all manufacturers offer direct online sales. They will also list official sellers that can be trusted. Buying such devices from any unofficial vendors is equal to asking for trouble. It is impossible to say for sure if the third-party vendor has legitimate intentions. When dealing with finances, there is no reason to take any additional risks.

Have you bought a Trezor wallet that turned out to be fake? Let us know in the comments below.

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