Trust Wallet

After a $170,000 security attack, Trust Wallet will reimburse users

  • Trust Wallet is the top Ethereum wallet available today.
  • The wallet, which is accessible as a Google Chrome plugin, is available on the Google Play Store, the Apple Store, and may be used to purchase and store tokens and NFTs.

A crypto wallet company named Trust Wallet has said that it just found and fixed a security flaw in its open-source library called Wallet Core that cost some customers around $170,000. Following the disclosure of a WebAssembly (WASM) vulnerability in November 2022 by a security researcher, the corporation learned about the flaw through its bug bounty programme.

According to Trust Wallet, only wallet addresses produced prior to and after November 14, 2022, and between November 14 and November 23, 2022, utilizing the Browser Extension, are vulnerable. Two vulnerabilities used in the hack resulted in losses of about $170,000, with about 500 susceptible addresses still holding a $88k balance. 

Trust Wallet Promises A 170,000 Refund To Affected Users

The business has devised a procedure for the impacted users to request payment for any losses related to the hacks that are qualified for reimbursement. Users who are impacted are asked by Trust Wallet to relocate any remaining funds from all the exposed addresses as soon as feasible.The two vulnerabilities may have harmed users who noticed unusual fund transfer in late December 2022 and late March 2023.

This occurrence comes after another recent hack that since December 2017 has siphoned out around $11 million in NFTs and cryptocurrencies from multiple addresses across 11 blockchains. The company that makes the MetaMask wallet later refuted the claim that the assault was caused by a bug.

A refund  will be initiated to impacted consumers as a solution to the problem. The business has also established a procedure for compensating qualifying damages brought on by attacks because of the vulnerability. Users who are impacted have been urged to transfer their remaining amount across all exposed addresses.

The vulnerabilities may potentially have an impact on users whose funds moved abnormally between late December 2022 and late March 2023. Customers that were impacted were asked by Trust Wallet to move their funds and open a new wallet. Through the Trust Wallet browser plugin, the business will inform users whose addresses are at risk. The most recent version of Wallet Core should be utilized by developers who used it in 2022. 

Affected wallet addresses have already received notification from one of the popular exchange through the crypto exchange.The compensation programme offered by Trust Wallet seeks to compensate each victim of the exploits, with eligibility based on an ownership verification procedure. All impacted consumers have already received calls from the business, which told them that the security problem is unrelated to the recent loss of 5k ETH from wallets. 

The necessity for stronger security standards in the sector is obvious given the fact that over 20 crypto projects have already had security breaches this year. Trust Wallet affirms its dedication to improving its offerings so that asset security is always given first attention.By addressing the problem and putting up remedies to stop such situations in the future, the corporation also exhibits its dedication to client safety.