Digital Wallet
By Dan Saada
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Trezor, BitBox, and a String of Recent Breaches. The Act's rollout comes right after a rough stretch for hardware wallet companies.
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What the EU Is Actually Trying to Do Here. The European Commission framed the Cyber Resilience Act as a consumer protection measure, not just…
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Crypto wallet makers are now on the clock. The EU's Cyber Resilience Act took effect last Friday, and it gives hardware and software wallet providers exactly 24 hours to flag a…
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The law sets out a three-stage reporting ladder. First comes a preliminary notice within 24 hours of discovery. Then a full notification within 72 hours.
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The Act's rollout comes right after a rough stretch for hardware wallet companies. Trezor, one of the bigger names in the space, recently disclosed a data breach tied to its…
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Both Trezor and BitBox then had to warn users about phishing emails. The emails were dressed up as urgent security notices, mimicking the kind of alert you'd actually want to…
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Earlier, the Zilliqa blockchain network flagged a separate issue — a vulnerability that could expose users' private keys through public onchain data. Not a small thing.
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More context: Letitia James Leads 17 AGs to Block Crypto Clarity Act Vote in Senate
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The logic behind the 24-hour window is speed. When a bug is actively being exploited, every hour matters.
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The fines are probably the sharpest tool here. €15 million or 2.5% of global turnover is real money for most wallet providers.
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Crypto wallet security has been a pressure point for years. Hardware wallets were supposed to be the safe option — the offline, cold-storage answer to exchange hacks and hot…
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BitBox's phishing situation makes the same point from a different angle. You can build a secure product and still have users targeted through the email infrastructure around it.
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Read also: Senates CLARITY Act Faces Critical Vote After Intense Bipartisan Negotiations
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Companies across the EU are now working out what these new requirements actually mean for their internal processes. Legal teams are reading the fine print.
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Trezor's affected customer count: 67,000.
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