Help - I lost $6000 on Trustwallet - learn from this

[348Judah]

The more we are exposing people to know more about the needful when it comes to information about crypto wallet, yet you will still discover the more some are getting confused about the necessary things needed to be done, it's not easy to lose money, secondly, there is a way some people are being tricked, for instance you want to buy bitcoin and you ended buying bitcoin cash, will can be a serious mistake if care is not taken, this is just a single examples amidst the numbers of mistakes related to this and has led to loss of fund for one reason or the other.

[Mrbluntzy]

Ouch..! Sorry, goldkingcoiner, this was really an awful situation that you experienced. The reason why I don't like using swap DEX is because of the warning that usually displays when I am trading, the warning always says, "make sure to verify that the token you are swapping to is the same contract address with the original token you want" Seeing the warning, I will manually go and copy the contract address of the original token I want to trade and I will paste it on the search to make sure that am trading the right token. That made me stop using swap, I would rather deposit to centralized exchange and trade.

@goldkingcoiner, why did you choose to swap to BUSD when binance already announced that they will discontinue BUSD?

In a formal statement issued on September 1, 2023, Binance announced it would discontinue support for its proprietary stablecoin, BUSD. The company advised users in possession of Binance USD assets to migrate to First Digital USD (FDUSD), with the conclusion of this transition set for February 2024.

[Queentoshi]

I thought of myself a veteran when it comes to cryptocurrency, but one small mistake and almost 6k gone.

Let this be a lesson to the newbies here: Always triple and quadruple check what you are swapping for. You could end up swapping your money for worthless trash by accident.

The lesson is for everyone for me, not just newbies. If you a veteran can make such a mistake, it is possible for everyone else.

Double-checking for verification is always necessary to avoid some mistakes like this and also mistakes like sending to a wrong wallet address, mistakes that could all be costly. Some reasons why some people fail to double check each time are
1 - Fatigue
2 - Assumption
3 - Trying to transact Hastily.

If we take note of this, we will be doing ourselves a great good.

[Su-asa]

The more we are exposing people to know more about the needful when it comes to information about crypto wallet, yet you will still discover the more some are getting confused about the necessary things needed to be done, it's not easy to lose money, secondly, there is a way some people are being tricked, for instance you want to buy bitcoin and you ended buying bitcoin cash, will can be a serious mistake if care is not taken, this is just a single examples amidst the numbers of mistakes related to this and has led to loss of fund for one reason or the other.

I understand you too well and I have also given it a thought because what if a crypto novice wants to buy bitcoin and doesn't know how to buy it or where to buy from, and he or she gave someone they could trust and the person give them a little figure or Bitcoin instead of the exact figures that they are supposed to get. However, I am not used to trust wallet and I haven't gotten this kind of experience before because I'm used to electrum and binance. If I use Binance to buy bitcoin through p2p I can send from there to the electrum Wallet.
Actually, if I want to swap my coins to any other currency I am sure to swap to the ones I know about and not any meme coin.

[Joy- maker]

Trustwallet is not longer a secure wallet to swap your token, because alot of scam activities are going on there, and Trustwallet also need to improve in there security for them to maintain there reputation.
As for OP I know how it feel  to lost money, especially when you are scam, but take heart and be careful next time, and thanks for sharing the update with us.

[Majestic-milf]

 This is so sad, I won't lie. Even if you had to pay for your ignorance about the whole thing, $6k is quite a huge amount to lose. This is really a big lesson for traders. I use Trustwallet but haven't used it to swap coins on the app since I usually use another place.
Just want to know, isn't there a way to complain or report them so that other users be wary when entering that place?
 

[bittraffic]

You wouldn't think there is a token spoofing BUSD since Trust wallet is the Binance owned wallet, they would have know something is alarming in the name itself and most probably they would have checked the contract also.

If this still happens and another victim comes here for this thread, it will not be surprising anymore.
BUSD is still in use in Binance and some of their platforms, they can't however just create more BUSD as far as I know which means there is the need to monitor BUSD.

[goldkingcoiner]

@goldkingcoiner, why did you choose to swap to BUSD when binance already announced that they will discontinue BUSD?

In a formal statement issued on September 1, 2023, Binance announced it would discontinue support for its proprietary stablecoin, BUSD. The company advised users in possession of Binance USD assets to migrate to First Digital USD (FDUSD), with the conclusion of this transition set for February 2024.

Are you talking about the migration from BUSD on the BEP2 chain?

[Z_MBFM]

I use Trustwallet to swap between tokens. This has worked for me for a long time. Now, I think I traded a fake BUSD token. OR I got tricked by a BUSD low volume look-alike or a honeypot. Either way I consider it a scam.
I thought of myself a veteran when it comes to cryptocurrency, but one small mistake and almost 6k gone.
Let this be a lesson to the newbies here: Always triple and quadruple check what you are swapping for. You could end up swapping your money for worthless trash by accident.
This really sucks.

This is a very sad incident. $6k is a very big amount. Before swapping any token on any DEX, the contract address has to be verified. This is something that everyone does during new coin swaps, but it is not usually done in the case of old and popular coins. It is not a problem that new coins are being added to a wallet constantly, but how can a fake coin using the same name and logo of a popular coin be kept in a popular wallet like a trust wallet? They are completely responsible for this. Despite being such a big company, they do not ban these fake coins.

[Sim_card]

Sorry for your loss. You didn't notice that the trust wallet UI was fake because it looks exactly like the original. Anyone will fall for this because you wouldn't think that such thing would happen. It's better that people using trust wallet should be very careful or better still avoid using it to avoid similar scam.

[CryptSafe]

I thought of myself a veteran when it comes to cryptocurrency, but one small mistake and almost 6k gone.

Let this be a lesson to the newbies here: Always triple and quadruple check what you are swapping for. You could end up swapping your money for worthless trash by accident.

The lesson is for everyone for me, not just newbies. If you a veteran can make such a mistake, it is possible for everyone else.

Double-checking for verification is always necessary to avoid some mistakes like this and also mistakes like sending to a wrong wallet address, mistakes that could all be costly. Some reasons why some people fail to double check each time are
1 - Fatigue
2 - Assumption
3 - Trying to transact Hastily.

If we take note of this, we will be doing ourselves a great good.

You are right; the list you have made contains mostly the reasons why mistakes of this nature occur. Let me add up to this;

Over trusting the system to be genuine reasons being that one got it from a reliable source which can not be verified and in some cases,  the source they got such from do not even do their verification because they too never used it.

Another reason is that when carrying out the transaction, there might be some form of distraction that could draw the attention of whoever is transacting, and in the cause of being distracted, they might not look into what they are doing, and this might lead to a mistake on their part.

[avp2306]

Sorry for your loss but how exactly you got scammed?
Did you swap to 3rd party site? And in what site? So that other people are aware about the site.

Trustwallet have builtin swap feature why you didn't use the builtin feature?
Or maybe you swap them inside the app? But how exactly you've been scammed?

TrustWallet is a bit buggy there are some reports that after they swap their coins to other coins in different network their coins are gone but the fact is the network where they swap is disable it needs to be enable if you want to see your swapped coins. So maybe you have similar case?

I did use the built in swap feature of Trustwallet. Same network swap but the BUSD was fake or something. Look at the transaction hash.

Token: 0x035de3679e692c471072d1a09beb9298fbb2bd31

Binance USD (Wormhole) (BUSD) is the name

This is the symbol, when on the Trustwallet UI, is made to look extremely similar to the original.

Transaction Hash: 0xec94cb8c6b92625fb9f6d114efcd66501a3e9401ec171f8af53044d41d7fdcfb

My address: https://bscscan.com/address/0xcead2244f04ca3ff2824708e545aa6bb1c24dc0c

This is so painful mistake and cost lots of money. This is also the reason why I don't use the built in swap feature of those wallet since aside from high fee's, we are prone to get an issue like this.

Don't know if there's something else to do with this case but I think Trust wallet management would left it as it is especially that they can reason out that you made that swap legally. This incident warns lots of people to always check what they are doing and make sure that we pay attention upon swapping our coins.

$6k is very big amount and what a huge waste of money gone from accident like this.

[tabas]

Trust Wallet should improve its security and all those verifications with legitimate contracts that it has. I know that in other wallets, you would be notified if you are transacting with a non-verified contract address, and maybe that’s when you would check if it is a legitimate contract.

OP, I am sorry for your loss. Thank you for sharing and making sure that no nobody else here in the forum would be victimized like this

I agree, they have to do this for the safety of their users. If, out of nowhere, some contracts need to be confirmed by the user, they should give some warning if it's from an unverified source.

You wouldn't think there is a token spoofing BUSD since Trust wallet is the Binance owned wallet, they would have know something is alarming in the name itself and most probably they would have checked the contract also.

Trust Wallet should have taken measures when this was first reported to them. They probably are aware of this, but I don't know if they've only given a warning or some improvement since I don't use this wallet. I'm sorry with OPs loss on this incident.

[Lillominato89]

Meanwhile, I am very sorry for your loss, making mistakes is easy in the Crypto world and nobody and sure of this. I never use Trustwallet so I don't know exactly what to recommend and I have not read all the conversation of the thread entirely, maybe it has already been proposed. Have you been trying to do swap again with Sol? Maybe the liquidity on that couple is still present

[Strongkored]

Trust Wallet should improve its security and all those verifications with legitimate contracts that it has. I know that in other wallets, you would be notified if you are transacting with a non-verified contract address, and maybe that’s when you would check if it is a legitimate contract.

OP, I am sorry for your loss. Thank you for sharing and making sure that no nobody else here in the forum would be victimized like this

The problem with trustwallet has been around for a long time, because there are quite a lot of complaints about the security of this wallet, but its users are still many because they feel effective for storing many tokens.
I use trustwallet only to store coins temporarily before exchanging them on the exchange.

Sorry for your loss Op, this is a lesson even after being involved in the crypto world for a long time, it is not a guarantee that it will be safe from scam practices, there are always loopholes that scammers exploit to deceive.

[FinneysTrueVision]

As far as I know, Wormhole bridged assets are legitimate tokens, although they might not be considered the canonical version of that token on a particular blockchain. Wormhole BUSD is worth around $1 when you look at price charts.

The reason you got such a small amount is because there is not a lot of liquidity on DEXs and that caused a huge price impact. It should have been a red flag when the quoted rate for 43.99 SOL was only 239 BUSD. I don’t know why Trust Wallet doesn’t show a warning as is standard practice on every DEX or aggregator that I have seen. It is a terrible design to not have the most basic user protection feature on their interface.

[PrivacyG]

The thing that infuriates me most with this is that I never added any tokens to my Trustwallet.[/b] When I swap for BUSD, the real BUSD is always at the top of the search bar. Trustwallet showed me the wrong token this time at the top.

Does the application not show the contract address when choosing a Cryptocurrency from that list?  I have a really blurry image of how Trust Wallet looked like back in the day when I used it, but I believe I did see a contract address either when picking the Cryptocurrency to swap to / from or after picking it.

If not, just find a better wallet to replace Trust Wallet with.  Preferably a wallet that does not require a chunk of Trust.

[Ambatman]

The thing that infuriates me most with this is that I never added any tokens to my Trustwallet.[/b] When I swap for BUSD, the real BUSD is always at the top of the search bar. Trustwallet showed me the wrong token this time at the top.

Does the application not show the contract address when choosing a Cryptocurrency from that list?  I have a really blurry image of how Trust Wallet looked like back in the day when I used it, but I believe I did see a contract address either when picking the Cryptocurrency to swap to / from or after picking it.

They don't directly show the contract address
Just the symbol and name except you specifically click on it for further information.

But how many people would cross check contract address
When the original should be at the top due to liquidity and his past history.
Not to mention similar symbol.


@goldkingcoiner sorry for your loss. This just go to show what a simple overlook can cause even while not your fault.


Have you checked for permissions granted to tokens?
To prevent something like this spranging up.


Further if not careful they can use this for social engineering to facilitate phishing.
They are aware of your address and can search for your wallet and see if it has been linked to any information
That can give them advantage for social engineering.


Sorry once again for your loss. Sharing this would help individuals here realised that it doesn't cost to cross check
Even if past interactions has been good.




P.S I only used Trustwallet when I recently learnt about cryptocurrency but left when I found it was no longer open sourced.

[ultrloa]

The thing that infuriates me most with this is that I never added any tokens to my Trustwallet.[/b] When I swap for BUSD, the real BUSD is always at the top of the search bar. Trustwallet showed me the wrong token this time at the top.

Does the application not show the contract address when choosing a Cryptocurrency from that list?  I have a really blurry image of how Trust Wallet looked like back in the day when I used it, but I believe I did see a contract address either when picking the Cryptocurrency to swap to / from or after picking it.

If not, just find a better wallet to replace Trust Wallet with.  Preferably a wallet that does not require a chunk of Trust.

Sometimes you gonna miss out to check it especially if you trust the platform and frequently doing this activity. But to bad he made a mistake for trading on a wrong token.

Trust wallet have the problem on this situation since instead of being active to delist those tokens or coins which don't have value they let it set out unto their platform. Now a huge damage has been made and I don't think they would take action on it since for sure they create their own reason to save their asses from this incident. Sad to lose such huge money for this and this incident happened to @goldkingcoiner serve a warning to us about the situation happened to him on Trust wallet. If I am the one who encounter that issue I will not use that wallet anymore.

[goldkingcoiner]

Thanks for the condolences everyone. It makes me feel much better.  

The thing that infuriates me most with this is that I never added any tokens to my Trustwallet.[/b] When I swap for BUSD, the real BUSD is always at the top of the search bar. Trustwallet showed me the wrong token this time at the top.

Does the application not show the contract address when choosing a Cryptocurrency from that list?  I have a really blurry image of how Trust Wallet looked like back in the day when I used it, but I believe I did see a contract address either when picking the Cryptocurrency to swap to / from or after picking it.

They don't directly show the contract address
Just the symbol and name except you specifically click on it for further information.

But how many people would cross check contract address
When the original should be at the top due to liquidity and his past history.
Not to mention similar symbol.

On some tokens, the fake BUSD token included, when you go into the token details page it only displays an error message. So you would not even see the contract address or any further information on the Trustwallet app. I consider the name Trustwallet as false advertising in itself. I wonder how many other people have been lulled into a feeling of security before they lost their money in a similar fashion?