Trezor trims its reseller network after Ledger supply-chain attack

Trezor trims its reseller network after Ledger supply-chain attack

Trezor's Chief Commercial Officer Danny Sanders said the decision was driven by the need for closer supply-chain oversight rather than any finding of misconduct or device compromise.

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by John Chen

Trezor is tightening control over its distribution network following recent supply-chain incidents, the hardware wallet maker said in an Oct. 13 statement.

The company is shrinking its reseller network and ending authorizations for some partners starting in 2027, Chief Commercial Officer Danny Sanders said in a new letter.

Under the changes, affected partners will receive no new stock after the announcement, but they can continue selling their remaining inventory through the Black Friday and holiday season.

Sanders said the company assessed all markets individually, considering revenue, distribution coverage and Trezor’s own presence to ensure customers could continue buying genuine devices.

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Trezor also plans to tighten the requirements for its remaining partners through an updated legal framework and closer checks on device sourcing, storage and handling. The company said it may review the policy if circumstances change.

“I know what that means for a small business. Trezor may be a real share of your revenue. It may be a product line you built your shop around, or a relationship you invested years in. I am sorry. This decision says nothing about your effort or the way you represented us. You did right by us, and by our customers,” Sanders wrote.

Two security incidents involving third-party service providers and distributors have raised concerns about hardware wallet supply chains.

Trezor previously disclosed that a ShipMonk data breach affected nearly 81,000 customers. The exposed records contained personal and order information, including names, email addresses, phone numbers, shipping addresses and order numbers.
Although Trezor said its own systems and devices were unaffected, it warned that the information could be used in phishing and targeted impersonation attacks.

Concerns intensified after rival hardware wallet maker Ledger confirmed an unauthorized hardware implant in one affected device sold through CryptoBilis, a Southeast Asian reseller.

According to Ledger’s latest update, the implant can capture the 24-word recovery phrase shown on the device’s screen during setup and send it over LTE using an embedded eSIM, without modifying the device’s Secure Element or operating system.

Ledger said all confirmed cases of unexpected fund losses linked to the Oct. 9 incident involved CryptoBilis-sold devices, while reports of implants in other devices and locations remain under review.

On-chain analyst Specter estimated that reported losses could exceed $86 million, though Ledger has not confirmed the total.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
FINANCE
Trezor trims its reseller network after Ledger supply-chain attack
Trezor trims its reseller network after Ledger supply-chain attack

Trezor's Chief Commercial Officer Danny Sanders said the decision was driven by the need for closer supply-chain oversight rather than any finding of misconduct or device compromise.

by John Chen

Share

Add us on Google

Trezor is tightening control over its distribution network following recent supply-chain incidents, the hardware wallet maker said in an Oct. 13 statement.

The company is shrinking its reseller network and ending authorizations for some partners starting in 2027, Chief Commercial Officer Danny Sanders said in a new letter.

Under the changes, affected partners will receive no new stock after the announcement, but they can continue selling their remaining inventory through the Black Friday and holiday season.

Sanders said the company assessed all markets individually, considering revenue, distribution coverage and Trezor’s own presence to ensure customers could continue buying genuine devices.

Advertisement

Trezor also plans to tighten the requirements for its remaining partners through an updated legal framework and closer checks on device sourcing, storage and handling. The company said it may review the policy if circumstances change.

“I know what that means for a small business. Trezor may be a real share of your revenue. It may be a product line you built your shop around, or a relationship you invested years in. I am sorry. This decision says nothing about your effort or the way you represented us. You did right by us, and by our customers,” Sanders wrote.

Two security incidents involving third-party service providers and distributors have raised concerns about hardware wallet supply chains.

Trezor previously disclosed that a ShipMonk data breach affected nearly 81,000 customers. The exposed records contained personal and order information, including names, email addresses, phone numbers, shipping addresses and order numbers.
Although Trezor said its own systems and devices were unaffected, it warned that the information could be used in phishing and targeted impersonation attacks.

Concerns intensified after rival hardware wallet maker Ledger confirmed an unauthorized hardware implant in one affected device sold through CryptoBilis, a Southeast Asian reseller.

According to Ledger’s latest update, the implant can capture the 24-word recovery phrase shown on the device’s screen during setup and send it over LTE using an embedded eSIM, without modifying the device’s Secure Element or operating system.

Ledger said all confirmed cases of unexpected fund losses linked to the Oct. 9 incident involved CryptoBilis-sold devices, while reports of implants in other devices and locations remain under review.

On-chain analyst Specter estimated that reported losses could exceed $86 million, though Ledger has not confirmed the total.

Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.