All About Interwebz: Major new crypto wallet phishing campaign targets Trezor users

A new phishing campaign hs been discovered targeting cryptocurrency hardware wallet firm Trezor.

These wallets allow crypto users to store their funds offline, rather than in a “hot wallet” (a mobile or desktop app), or with a third party (an exchange, a custodial service, or a lending/borrowing firm). Hardware wallets, also known as “cold wallets” are generally perceived as a much safer way to store cryptocurrencies, compared to the alternatives.

That also means that whoever is serious about cryptocurrencies (and has a substantial amount) will probably hold it in cold storage, making Trezor users an attractive target for cybercriminals.

"Securing" a breached wallet

In this new campaign, Trezor users started receiving SMS messages warning them of a “data breach” at the company, and urging them to “secure” their devices immediately. The SMS message also comes with a hyperlink that the victims should visit.

"Trezor Suite has recently endured a security breach, assume all your assets are vulnerable. Please follow the security procedure to secure your assets: [link]," the message reads.

Whoever visits the link will see a fake Trezor website with the message “Your assets might be at risk!” and a Start button where users can “secure” their assets. The first step in this process is to enter the recovery seed.

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The recovery seed, usually a string of either 12 or 24 words, is used to restore a wallet, in case the old device is stolen or destroyed. Whoever has the seed phrase can restore the wallet and gain full access to the funds. So, if the victim ends up entering this information in the phishing page, they’re essentially giving the attackers full access to their wallet, which they can later use to clear out any and all funds in the account.

Trezor was alerted to the new campaign and took to Twitter to warn its customers that it's being impersonated, and not to fall for the trick. The company also said that it’s not aware of any new data breaches, so the attackers have most likely obtained Trezor users emails’ in the previous MailChimp incident.