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- There’s a bug in the latest upgrade of Wasabi, and if Trezor users upgrade it, they could temporarily lose access over their Bitcoin.
- Trezor is a hardcore wallet. Its advanced security helps in easy
handling of private keys of many cryptocurrencies and helps in fully secure
transactions. - Recently, the SatoshiLabs who are creators of the Wasabi Wallet explained to its
customers about the security issue regarding the upgrade.
Recently, a public safety announcement issued by the Bitcoin Wallet Wasabi asked
its user not to upgrade to its latest version if they happen to use Trezor devices. Apparently, There’s a bug in the latest upgrade of Wasabi, and if Trezor users upgrade it, they could temporarily lose access over their Bitcoin.
CoinJoin Method and Trezor
Wasabi is a famous Bitcoin wallet that uses the CoinJoin method. The coinjoin method combines many transactions from multiple traders and blends them into a single transaction. It increases the difficulty for third parties to interpret which sender paid to which recipient. When it comes to privacy, the only service that Bitcoin provides is the anonymity of the users who are insecure to a very big extent. Many fraudulent activities can be simply done by tracking the recipient’s address or the IP address. But for the implementation of the CoinJoin method, we do not need any Bitcoin protocol. Wasabi uses client-side block technology to get the transaction history of the users securely.
On the other hand, Trezor is a hardcore wallet. Its advanced security helps in the easy handling of private keys of many cryptocurrencies and helps in fully secure transactions. Wasabi uses the Trezor cold storage to enable it to send Bitcoin using the CoinJoin mentioned above. Wasabi sends something called the Partially signed Bitcoin transaction,’ and later, Trezor verifies the transaction once its owner signs it. However, the new Trezor update doesn’t work in compliance with Wasabi. Some people think that it is because the partially signed Bitcoin transaction isn’t valid anymore.
Security Issue With Wasabi’s New Upgrade
Currently, there are two versions of the wallet: Trezor One and Trezor Model T, the premium version. If you are using Wasabi, don’t upgrade your Trezor One to version 1.9.1. And if you are a Trezor Model T user, don’t update to its 2.3.1 version.
Recently, the SatoshiLabs, who are creators of the Wasabi Wallet, explained to its customers about the security issue regarding the upgrade. It can force users to pay a high amount of transaction fees. A software developer at the SatoshiLabs wrote that SatoshiLabs had fixed the issue with Trezor. However, the new update messed up all its effort and posed challenges for wallet services like Wasabi and BTCPay.
The advice has been repeated continuously by Wasabi staff. They are asking the Trezor and Wasabi users to hold off their updates for little time until they fix this issue.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
