ZachXBT says dedicated old iPhones can beat hardware wallets for crypto storage

ZachXBT renewed his criticism of hardware wallets, calling them “complete garbage” and saying users should not rely on them for important tasks such as signing transactions or storing funds, instead favoring a crypto-dedicated iPhone. Trezor pushed back, with Chief Commercial Officer Danny Sanders arguing that hardware wallets are purpose-built security devices with dedicated screens for independently verifying transactions and fewer attack surfaces than general-purpose phones. Roman Storm, the Tornado Cash developer, also cautioned that mobile setups have shortcomings, including limited BIP39 passphrase support. The debate highlights competing approaches to self-custody. Critics point to past weaknesses and breaches around hardware-wallet ecosystems, including a 2020 report showing seed phrases could be physically extracted from Trezor devices with hands-on access and a 2024 support-portal breach affecting about 66,000 customers’ personal data. Supporters counter that those incidents did not amount to remote theft of private keys, and note that a roughly $282 million Trezor-linked theft in January 2026 stemmed from phishing rather than a hardware failure. The discussion has increasingly shifted away from choosing between hardware wallets and phones toward reducing single points of failure. Multisignature setups, where more than one device or key is needed to approve a transaction, are emerging as a more resilient model for investors with meaningful crypto holdings.