Trezor just dropped news of a breach at their shipping partner ShipMonk that spilled personal details from around 13,700 customers like names phone numbers and home addresses 🖤. Binance founder Changpeng Zhao known as CZ jumped in to highlight how software self-custody wallets dodge these shipping risks entirely since no physical device links your identity to an address.
Unveiling Shadows from the Trezor Data Spill 🔐
Trezor revealed the incident after ShipMonk alerted them on Monday August 10 about unauthorized access to customer order systems. CZ reacted on Thursday by pointing out the distinct risk levels between hardware and software self-custody options.
Hardware wallets are often considered ‘more secure’ than software wallets. While I still think that is ‘generally true’ in a few specific aspects this incident reinforces an advantage of software self-custody wallets.
— CZ (@cz_binance) view tweet
He mentioned tools like Binance Web3 Wallet and Trust Wallet that skip the physical shipping step altogether tying no user identity or address to crypto ownership. CZ tempered his take noting hardware wallets are not bad just with different profiles and added that YZiLabs invests in several such companies 🌑.
Hardware Wallets Face Dark Times Ahead 💀
The timing piles onto recent woes for hardware wallet makers. In mid-July on-chain investigator ZachXBT slammed the whole category as unfit for serious use calling all hardware wallets complete garbage. He suggested a spare phone for signing transactions might outperform them due to issues like dead batteries forced firmware updates and interface bugs. The Trezor incident differs as it stems from a vendor exposure yet it feeds the same debate on seed phrase costs beyond the basics. Last week Galaxy Research connected over 100 million dollars in stolen Bitcoin to weaker randomness in older Coldcard firmware. Coinkite fixed it in newer versions but cannot adjust existing seeds and advised Mk3 through Q model holders to shift funds to safe hardware. This marks another hit for Trezor after a January 2024 breach via a third-party support vendor exposed contacts for 66,000 users ✨. NaoX Protocol and Bitcoin security exec Nick Neuman warned the leaked addresses could enable in-person targeting or wrench attacks where physical threats extract funds 🕸️. Trezor warned of heightened phishing via emails calls or letters and urged never sharing wallet backups online or with anyone 🦇.
Just another echo from the void by iconofsin.eth 💖
