The Trezor cryptocurrency wallet firm has advised its customers to exercise caution because there are fake Trezor One hardware wallets in the market.

Trezor revealed in its announcement that some unknown individuals were selling counterfeit versions of its Trezor One cryptocurrency wallet. The company claims that the counterfeit wallets look quite similar to the original wallet and thus the need for users to be careful when purchasing a Trezor branded hardware wallet.

The scammers are using hardware wallets identical to the original ones

Trezor’s hardware wallets, the Trezor Model T and the Trezor One have become quite popular among cryptocurrency enthusiasts. However, it looks like crooks are also planning to ride on this popularity by introducing fakes that look like the original wallets. The company, in its statement, revealed that it was already getting used to clones of its wallets from genuine companies. However, the shock is in that there are now fake Trezor wallets in the market.

The crypto wallet hardware maker revealed that the counterfeit wallets are hard to distinguish from the genuine ones because they are very similar. This presents a major challenge to cryptocurrency funds, users and also to Trezor because it largely threatens the market.

“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,” stated Trezor.

How to identify and avoid the fake crypto wallets

The statement also encouraged anyone who may have been sold a fake Trezor wallet to report to the company. This will make it possible for the companies to combat the counterfeits. The firm also revealed that pricing is one of the ways to identify the fake Trezor wallets from genuine ones. Genuine Trezor wallets also feature holograms located on the wallet’s seal.

Buyers have also been warned not to purchase any of the hardware wallets from unauthorized distributors. The news about fake Trezor wallets in the market comes amid the massive cryptocurrency market crash. Scam content about Bitcoin givaways has also been on the rise on platforms such as Twitter. It seems hackers are trying their best to take advantage of the ongoing market conditions so that they can steal cryptocurrencies.