The creators of hardware wallet Trezor have issued an urgent alert, after “clones” of their device were spotted on the market.
The company, SatoshiLabs, says it was startled to find a one-to-one copy of ‘Trezor One,’ which has been manufactured by a “different, unknown vendor.”
“A fake Trezor tries to replicate the original to the bone,” SatoshiLabs said in a blog post.
“It seeks to be as indistinguishable from the original as possible. It is not dissimilar to counterfeit brand clothing.”
The fake Trezors are often sold at a steep discount, which is considered the first red flag for potential buyers.
The concern is that a counterfeit device can be a severe threat to a user’s security. Because SatoshiLabs didn’t manufacture the device, it can’t guarantee its function.
“These fake devices are unsuitable for secure storage of cryptocurrencies and other digital assets,” SatoshiLabs said.
“You would not entrust your money to somebody who has already cheated you by selling you a different product than you thought you were buying.
We, therefore, recommend not to use this device and report it to us, which would help us fight these scams and provide you with a legitimate device.”
SatoshiLabs is now investigating its legal options to prevent fakes from being produced and distributed.
The company says the best way to ensure you are getting a genuine device is by purchasing direct from the SatoshiLabs website.
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