Tag: Trezor

Cryptocurrency Phishing Attacks Rise by 40% Year-on-Year in 2022

by Blockchain News

Cryptocurrency-related cyberattacks have seen bad actors shift their focus from traditional financial threats to phishing. Kaspersky has revealed a 40% year-on-year increase in cryptocurrency phishing attacks in 2022, with 5,040,520 attacks detected compared to 3,596,437 in 2021. Phishing attacks involve reaching out to investors through fake websites and communication channels that mimic official companies, and prompting users to share personal information such as private keys, which ultimately provides attackers unwarranted access to crypto wallets and assets.

While Kaspersky could not predict if the trend of cryptocurrency phishing attacks would increase in 2023, phishing attacks continue to gain momentum in 2023. In a survey conducted by Kaspersky, one out of seven respondents admitted to being affected by cryptocurrency phishing.

Phishing attacks predominantly involve giveaway scams or fake wallet phishing pages, but attackers continue to evolve their strategies. Kaspersky has noted that “crypto still remains a symbol of getting rich quick with minimal effort,” which attracts scammers to innovate their techniques and stories to lure in unwary crypto investors.

Recently, hardware cryptocurrency wallet provider Trezor issued a warning against attempts to steal users’ crypto by tricking investors into entering their recovery phrase on a fake Trezor site. This highlights the importance of being vigilant and taking necessary precautions to protect one’s crypto assets.

In a recent incident, Arbitrum investors were exposed to a phishing link via its official Discord server. A hacker reportedly hacked into the Discord account of one of Arbitrum’s developers, which was then used to share a fake announcement with a phishing link. This shows that attackers are constantly finding new ways to trick investors into sharing their personal information, and highlights the need for increased security measures to protect against cryptocurrency phishing attacks.

In conclusion, cryptocurrency phishing attacks continue to rise, with attackers evolving their strategies to lure unwary crypto investors. It is crucial for investors to be vigilant and take necessary precautions, such as avoiding clicking on suspicious links, verifying the authenticity of websites and communication channels, and using hardware wallets to store their crypto assets. Additionally, companies must prioritize security measures and educate their users to help prevent and mitigate the effects of cryptocurrency phishing attacks.

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Cryptocurrency Phishing Attacks Surge in 2022

by Blockchain News

When it comes to cryptocurrency-related cyberattacks, bad actors have seemingly reduced the use of traditional financial threats like desktop and mobile banking malware, shifting their focus to phishing. Russian cybersecurity and anti-virus provider Kaspersky has revealed that cryptocurrency phishing attacks witnessed a 40% year-on-year increase in 2022. The company detected 5,040,520 crypto phishing attacks in the year, compared with 3,596,437 in 2021. This represents a significant increase in the number of phishing attacks targeting crypto investors.

A typical phishing attack involves reaching out to investors through fake websites and communication channels that mimic official companies. Users are then prompted to share personal information such as private keys, which ultimately provides attackers unwarranted access to crypto wallets and assets. This is a serious threat, as once attackers have access to a user’s private keys, they can gain control over their cryptocurrency holdings and potentially steal their assets.

While Kaspersky could not predict if the trend would increase in 2023, phishing attacks continue to gain momentum in 2023. Most recently, in March, hardware cryptocurrency wallet provider Trezor issued a warning against attempts to steal users’ crypto by tricking investors into entering their recovery phrase on a fake Trezor site. This highlights the need for users to exercise caution and be vigilant in their interactions with cryptocurrency platforms.

In a survey conducted by Kaspersky in 2022, one out of seven respondents admitted to being affected by cryptocurrency phishing. While phishing attacks predominantly involve giveaway scams or fake wallet phishing pages, attackers continue to evolve their strategies. According to Kaspersky, “crypto still remains a symbol of getting rich quick with minimal effort,” which attracts scammers to innovate their techniques and stories to lure in unwary crypto investors.

Even established cryptocurrency platforms and their investors are not immune to phishing attacks. Arbitrum investors were recently exposed to a phishing link via its official Discord server. A hacker reportedly hacked into the Discord account of one of Arbitrum’s developers, which was then used to share a fake announcement with a phishing link. This highlights the importance of securing communication channels and taking measures to ensure that official channels are not compromised.

To protect themselves from phishing attacks, cryptocurrency investors should be wary of unsolicited communications and only interact with official channels. They should also avoid sharing their private keys or recovery phrases with anyone, even if they appear to be legitimate sources. Finally, it’s essential to use two-factor authentication and keep their software and anti-virus systems updated to ensure maximum protection against phishing attacks.

In conclusion, phishing attacks targeting cryptocurrency investors are increasing in frequency, and scammers are continually evolving their techniques to steal investors’ assets. It’s crucial for investors to remain vigilant and exercise caution in their interactions with cryptocurrency platforms to avoid falling victim to these scams. By taking the necessary precautions, investors can help safeguard their cryptocurrency holdings and prevent losses due to phishing attacks.

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Trezor Produces In-House Chips to Speed Up Hardware Wallet Production

by Blockchain News

Trezor, a popular hardware wallet manufacturer, has announced that it will produce its own chip wrapper, a key component of its Trezor Model T wallet, to optimize production and reduce lead times in the supply chain. By bringing chip manufacturing in-house, Trezor can be more agile and adaptable to market conditions, reducing its reliance on third-party suppliers and eliminating shipping delays caused by component supply and demand.

The move is a significant one for Trezor, as it allows the company to take greater control over the supply chain and respond quickly to factors like geopolitical disruption and labor shortages caused by the COVID-19 pandemic. Previously, the company was exposed to third-party supply vulnerabilities due to factors like these, which could result in delays in shipping finished products and cause consumers to be exposed to price fluctuations based on component supply and demand.

The move to in-house chip manufacturing also provides Trezor with more design freedom for future products, allowing the wallet provider to build the hardware wallet devices from scratch. Additionally, the move will enable Trezor to respond quickly to market conditions and meet the growing demand for its products.

The decision to produce its own chip wrapper comes a year after Tropic Square, a startup operated by Trezor’s parent firm Satoshi Labs, launched a new open-source chip called TROPIC01, which provides cryptographic key generation, encryption, signing, and authentication for users. Trezor is expected to become the first customer of Tropic Square for the product, which provides a unique business model that can be applied in exceptional cases.

According to Štěpán Uherik, Trezor’s Chief Financial Officer, the company has collaborated with its partner STMicroelectronics to identify areas where they can take control and make the manufacturing process as agile as possible. By unpacking the process, Trezor has managed to optimize the production of its wallets and meet the growing demand for its products.

Trezor’s decision to produce its own chip wrapper is a strategic move that has significant implications for the hardware wallet industry. It allows companies to have greater control over their supply chain, respond quickly to market conditions, and meet the growing demand for hardware wallets.

In conclusion, by producing its own chip wrapper, Trezor is accelerating hardware wallet production and ensuring that it can meet the demand for its products. The move provides greater control over the supply chain, reduces lead times, and eliminates shipping delays caused by component supply and demand. It also provides more design freedom for future products and allows Trezor to respond quickly to market conditions. Overall, it’s a strategic move that positions Trezor as a leader in the hardware wallet industry.

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Trezor Hires Jan Andrascik as Chief Information Security Officer

by Blockchain News

Parent company SatoshiLabs announced on Wednesday that it has hired Jan Andraščík as Trezor’s Chief Information Security Officer (CISO). 

In the new role, Andraščík is tasked with protecting SatoshiLabs’ data, systems, and physical security.

Before joining the cryptocurrency hardware wallets firm, Andraščík executed information security architecture roles for various leading firms including consultancies Accenture, and Deloitte, as well as financial services companies Raiffeisenbank and Česká Spořitelna (Erste Group).

While at Raiffeisenbank, Andraščík served a similar role to Trezor as a deputy to the CISO, where he was in charge of information security governance, risk management, and compliance.  

Andraščík is widely recognized as an information security industry expert and is frequently asked to give talks at conferences on issues regarding national cyber security.

Pavol Rusnák, the co-founder and co-owner of Trezor holding company SatoshiLabs, talked about the development and said: “Jan Andraščík is a highly respected information security leader, and we are fortunate to have him here at SatoshiLabs. Jan’s experience is invaluable as we further enhance our capabilities to protect customers’ data, keep improving our internal security and privacy policies and practices, keeping in mind our main goal – to help people build their own self-sovereignty.”

Andraščík commented about his appointment and stated: “We live in a world where digital surveillance is becoming increasingly common, and individuals can no longer take a privacy for granted. SatoshiLabs is on a mission to restore privacy and control to people when it comes to their financial transactions. It’s a mission that I wholeheartedly believe in, and it’s a privilege for me to help further enhance Trezor’s already excellent, security-first approach to operations and products.”

Addressing Security Concerns

The hiring comes as SatoshiLabs recently became increasingly targeted by cybercriminals.

Early last month, hackers sent out fake data breach notifications to Trezor crypto wallet users through the company’s mailing list. The fake email notification promoted users to download a fake Trezor Suite software, aimed at stealing their recovery seeds. The company confirmed the phishing attack.

In May 2020, cyber hackers also attempted to sell customer data that stems from Trezor.

As a result, SatoshiLabs hired the chief information security officer to combat the growing threat of online breaches.

SatoshiLabs, the inventor of Trezor crypto hardware wallets, is in business to give users easy, private and secure tools for crypto adoption.

The company was launched in 2012, and since then it has been coming up with disruptive products that eventually become the industry standard. The firm was an early entrant to the cryptocurrency market, with the first Trezor launched in January 2014.

Image source: Shutterstock

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The team behind the world’s first hardware wallet says it’s still thriving after 8 years

by Cointelegraph

Like all things, Trezor, a household name in the crypto community with over 1 million units sold, came from humble beginnings. The idea all started out in 2011 after a Bitcoin (BTC) conference in Prague, Czechia — which, by the way, was just voted the most beautiful city in the world in a Time Out magazine survey. Two crypto enthusiasts, Pavol “Stick” Rusnák and Marek “Slush” Palatinus, envisioned a small, single-purpose computer that would securely store users’ Bitcoin private keys.

In 2013, the two founded SatoshiLabs. The following year, the first-ever Trezor wallet — Trezor One — launched. Then came the Trezor Model T, which added a touchscreen to the device. Both are still found on the market worldwide, with their firmware patched each month or so. With the invention of seed recovery and passphrase protection, Trezor set the norm for the industry in terms of hardware wallet security.

During an exclusive interview with Cointelegraph, Kristýna Mazánková, head of PR at SatoshiLabs, and Josef Tětek, Trezor’s brand ambassador, 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 noted that, “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 layers 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 then explained 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.”

Privacy and security aside, since the release of Model One and Model T, there have been additional features, such as doing everything on display, desktop, or web applications when connected. In addition, one can buy and sell Bitcoin and other cryptocurrencies directly to an address via Trezor Suite.

This year Trezor is also focusing on integrating CoinJoin into its hardware wallet. Made possible by Bitcoin’s Taproot upgrade last November, CoinJoin collates multiple Bitcoin transactions into a single arrangement to obfuscate who owns which coin afterward, thereby significiantly improving user privacy. Another major update on the table is being able to run one’s own node directly from the Trezor Suite.