Trust Wallet Issues Alert After Suffering Exploit, Says Reimbursement Plans Now in Order

Popular crypto wallet Trust Wallet has responded to a vulnerability in its product that led to $170,000 in user losses.

Trust Wallet says it fixed an issue with new wallets created between November 14th and 23rd last year through its browser extension.

Trust Wallet says that users can consider themselves safe if they only use the mobile app, only imported wallet addresses created somewhere else into the browser extension or only used the browser extension before November 14th or after November 23rd.

“For transparency: we delayed this disclosure to prevent immediate attacks and reduce potential breaches, thus safeguarding assets.

For the past months, we aggressively pushed 1-1 notifications to affected addresses, resulting in significant fund transfers to secure addresses in strong momentum until recently.

Despite our best efforts to minimize loss, we proactively identified two likely exploits with a total loss of $170,000. To do right to users, we created a reimbursement process for affected users to make them whole.”

Trust Wallet currently has a claims process for the hack here.

In a blog post, Trust Wallet says that the vulnerability was spotted by a security researcher through the project’s bug bounty program and stemmed from the wallet’s WebAssembly code, a type of programming language.

The Trust Wallet team also clarified that the vulnerability had no connection to recent reports of MetaMask wallets being hacked and drained.

Featured Image: Shutterstock/George Toubalis