After convincing emails alleged to be from the hardware-wallet manufacturer, a phishing effort targeting Trezor users has sparked new concerns. The emails directed recipients to a phishing page and advertised a fake "STM32 entropy vulnerability" warning. Trezor confirmed that a third-party email provider had been compromised. FatMan, a cryptocurrency researcher, cautioned that losses might amount to tens of millions of dollars; however, it's yet unclear how much loss will ultimately result.

A Phishing Email That Looked Almost Real

The legitimacy of the phishing emails is what makes this attack so alarming. The usual checks for suspicious sender addresses were significantly less successful since users reported getting messages that appeared to come from Trezor's own email infrastructure.

According to reports, the emails warned about a purported "STM32 Entropy Vulnerability" and tried to persuade recipients that their wallets would be in danger. The goal was to encourage consumers to take immediate security action.

Trezor has acknowledged that the email was fake. The company said that its third-party email provider had been compromised and advised customers not to click on links in the fake letter, according to posts on Trezor's official forum.

Because of this, this is riskier than a simple spoofing effort. In order to make the phishing attempt appear genuine, the attackers seem to have taken advantage of reliable communication routes.

Our third-party e-mail provider has been breached. Please be aware that the email named ‘Critical Security Alert: STM32 Entropy Vulnerability’ is not coming from us, and it’s a phishing attempt. Do not click on any link.

We have taken down the domain, and we are investigating…

— Trezor (@Trezor) September 9, 2026

The Real Target Was Users’ Wallet Backups

Clicking on a suspicious email was not the largest danger. According to reports, the effort aimed to obtain information from individuals that would allow hackers to access their cryptocurrency wallets.

It is clear from Trezor's own security guidelines that users should never enter their wallet backup or recovery seed online. Legitimate Trezor contacts, according to the business, will never request customers' wallet backup, PIN, passwords, or codes.

The phishing page that requests private seed information under the pretence of determining whether a wallet was impacted by the alleged vulnerability is also described in reports from Trezor users. A Telegram bot could receive the entered data from the downloaded HTML file, according to some users.

That is the attack's crucial element. The assets protected by the wallet may be taken over by an attacker once a recovery phrase is made public.

FatMan Warns of Tens of Millions in Losses

According to cryptocurrency researcher FatMan, the phishing email was "written quite convincingly" and seemed to originate from the official Trezor domain, highlighting the extent of the possible damage to X. He warned that the final amount might reach hundreds of millions of dollars, but he anticipated that at least tens of millions could be lost.

These figures should be regarded as an estimate rather than a verified loss amount. As of right now, there is no confirmed public accounting that demonstrates the real amount of cryptocurrency that attackers have taken throughout this campaign.

Nevertheless, worry is reasonable. Private keys can be successfully protected by a hardware wallet, but if a user willingly gives their recovery phrase to an attacker, the security will be ineffective.

Phishing continues to be one of the largest external threats to wallet users, as Trezor has often warned. According to its security guidelines, scammers are increasingly obtaining critical information using fake emails, websites, phone calls, and even impersonation techniques created by artificial intelligence.

Really brutal. The phishing email is written quite convincingly, and it comes from the official Trezor domain.

At least tens of millions will be lost; hopefully not hundreds of millions. Insane f*ckup from Trezor. https://t.co/GBVcqBEJVh pic.twitter.com/4xw8QM8bvi

— FatMan (@FatManTerra) September 9, 2026

Why the Trezor Breach Matters

The trust factor is the most concerning aspect of this situation. Users are taught to spot fake domains, unexpected sender addresses, and apparent spelling errors. According to sources, the phishing attempt in this instance was able to look a lot more like a real Trezor communication.

According to Trezor, the earlier shipping-provider breach in 2026 did not compromise its own systems or devices, but it did raise the possibility of targeted phishing due to the exposure of client data. The business issued a warning that the information that was exposed may be used for complex emails, phone calls, or attempts at fraud.

The latest campaign shows why that warning matters. A convincing message from a trusted brand can be enough to make even experienced crypto users lower their guard.

For Trezor users, the safest rule remains simple, i.e., never enter a recovery phrase online, regardless of how official an email looks. Trezor states that wallet backups should never be shared and that users should rely only on official Trezor channels for security updates.

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