Trust Wallet has Announced a Security Vulnerability That Caused a Loss of $170,000

Trust Wallet, a popular cryptocurrency wallet, has announced a security vulnerability that resulted in approximately $170,000 in losses for some users.

Trust Wallet, a popular cryptocurrency wallet, has announced a security vulnerability that resulted in approximately $170,000 in losses for some users. The issue affected wallet addresses generated on Ethereum and other blockchain networks through the Trust Wallet browser extension between November 14-23, 2022. The company also noted that it did not affect users who created wallets before November 14 or after November 23, 2022.

Briefly, what is Trust Wallet?

Trust Wallet, which was founded in 2017 and acquired by Binance in 2018, is a popular digital wallet application designed to provide users with a secure way to store and transact with cryptocurrencies. It aims to offer a safe and reliable platform specifically for cryptocurrencies.

Major vulnerability

In November 2022, a WebAssembly (WASM) vulnerability in the core software library was detected through the browser extension, which was reported by a security researcher through the company’s bug bounty program and fixed by the company. The bug bounty program is a program in which a company rewards individuals who identify errors and security vulnerabilities in its website, application, or software. Most companies use this program to make their systems more secure.

The company stated that approximately 500 users lost a total of $170,000 in balance. On its official Twitter page, the company published a series of tweets explaining that it will compensate affected users for losses caused by the security vulnerability, has established a refund process, and what users need to do.

Trust Wallet suggested that affected customers create a new wallet and transfer their funds to the new address. The company also stated that it would inform users with vulnerable addresses through the Trust Wallet browser extension.

“We want to assure users that we will compensate for the losses caused by the security vulnerability, and we have established a refund process for affected users. We will complete the payments as soon as possible.”

Trust Wallet

Although this security issue may have scared users, the fact that the company quickly resolved the problem has made affected users happy.

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