Crypto Hardware Wallet Rivalry: Ledger Evaluates Trezor’s Security

Ledger Donjon, Ledger’s open-source security research arm, has published a technical analysis of a potential vulnerability in Trezor’s Safe 3 model.

In its report, the team acknowledges that stolen Trezor wallets of the latest generation cannot be hacked. The flaw can only be exploited if a Trezor wallet is modified before reaching the user. Ledger Donjon explains that since this attack is purely software-based, it is impossible to physically verify whether a device has been compromised.

However, the vulnerability is more theoretical than practical. The researchers cited sources indicating that Trezor is aware of such potential attack vectors and has implemented a multi-layered defense strategy to mitigate them. Furthermore, according to Ledger's analysis, the Trezor Safe 5 model is not susceptible to this particular exploit.

In response to Ledger Donjon’s findings, Trezor reassured users that their funds remained secure and emphasized that no action was required on their part. The company also advised customers to purchase devices only from official sources to minimize potential risks.

The Ledger Donjon team consists of white-hat hackers—security researchers who probe not only Ledger’s own products but also those of competitors to identify vulnerabilities. Notably, Ledger shared its findings with Trezor before making them public.

Ledger’s discovery was accompanied by a well-executed informational campaign, highlighting the dual nature of the hardware wallet industry—where manufacturers both collaborate and compete to improve security.