Unfortunately, people love to bag themselves a bargain, and when it comes to securing your cryptos you don’t want to cut any corners. A batch of fake Trezor One hardware wallets has been discovered floating around in online marketplaces. The extent of the danger has yet to be assessed, but crypto holders who have recently bought what they believe to be a Trezor One are being urged to be extra cautious.
The Dangers of Fake Hardware Wallets
Fake hardware wallets carry a number of dangers. The most startling concern is the fact that the devices could be configured to send your private keys and crypto back to the creator of the device. In addition to this, the components used could be of inferior quality, meaning the there is a higher chance of the device failing and you losing your crypto balance as a result.
How to Spot a Fake
Usually, clones of the Trezor wallets are sold under different brand names and have very clear limitations. However, this new clone is sold as if it’s from Trezor itself. Satoshi Labs – the firm behind the Trezor One – has said that on these fakes you can see directly on the box. The holographic sticker used is slightly different on the fakes – and on the QR code print out – while counterfeit device boxes will also say “Made in China.” If you spot either of these differences, its best to throw the device away, or maybe try to get a refund from the original point of purchase.
Plenty of Discounts Available
If the price tag of the Trezor One is pushing you towards buying a cheap imitation, you need to think twice. Recently, Trezor and Ledger both hosted huge sales on the hardware wallets, and with Christmas just around the corner, there could be more sales coming up. It’s always best to wait and get the genuine article, rather than risking your crypto portfolio on a dodgy device from China.
Hardware Wallets Galore
If you want to be extra cautious and not order a Trezor One wallet anytime soon, there are plenty of other options available. Sony has created the first contactless wallet that allows you to make payments with the wallet directly – no need for a laptop. If security is more your thing, the Cobo Vault will automatically self-destruct if it detects that it has been tampered with – keeping your crypto secure, safe, and out of the hands of illicit third-parties.
Whichever wallet you decide to go with, don’t buy a cheap imitation, because your cryptos could be in danger if you do. It’s always better to spend a little more and get a genuine, high-quality wallet – after all, you wouldn’t store your cash at a dodgy bank would you.