Trust wallet crap lost $7 million!

[Rashlyowl]

People using the wallet in particular are mainly believing in binance. Binance promoted the wallet and even as it's main wallet. Users aren't all smart to understand the differences between wallets, this is why they feel confortable with the most trusted source they think it is. In this case it's binance the giant exchanger in the market. Fortunetly it will cover the loss, but this rises a big red flag about all closed source applications.

Binance must be held accountable for all the problems they cause their clients & this form of responsibility deserves appreciation. After this, people should realize how red flag Binance is & all their centralization products.

I asked Google with keywords: Is trust wallet open source?

Yes, Trust Wallet uses a mix: its core library, Wallet Core, is open-source (C++), but the main mobile apps and browser extension have proprietary elements and, as seen in late 2025, have faced vulnerabilities, leading to strategic code closures for security reasons, making it not fully open-source in the traditional sense, though it leverages open-source tools.

You can see the answer I got from the AI ​​summary, summary makes a convoluted meaning, at the beginning it says that the application is open-source, but at the end of the sentence it says not fully open-source. Dangerous summary for beginners who want to find out factual information about trust wallet.

[Kavelj22]

I asked Google with keywords: Is trust wallet open source?

Yes, Trust Wallet uses a mix: its core library, Wallet Core, is open-source (C++), but the main mobile apps and browser extension have proprietary elements and, as seen in late 2025, have faced vulnerabilities, leading to strategic code closures for security reasons, making it not fully open-source in the traditional sense, though it leverages open-source tools.

You can see the answer I got from the AI ​​summary, summary makes a convoluted meaning, at the beginning it says that the application is open-source, but at the end of the sentence it says not fully open-source. Dangerous summary for beginners who want to find out factual information about trust wallet.

Afaik, TrustWallet was initially a decentralized wallet created by two developers who are members of this forum. Later, Binance bought the project and converted it into a fully centralized, closed-source wallet. There were no complaints about these wallet (untrustwallet), while the potential for risk remains, given that the wallet is closed-source and its algorithms cannot be verified.

Edit: The founder of trustwallet is an Ukrainian dev named Viktor Radchenko who linched the project in 2017, then Binance bought it in 2018.

[jcojci]

Wait until they ask for KYC, your biometric selfie, and your proof of address

Those who lose much money from Trust Wallet willing to do that. At least, they think that their funds can return to them although they must do KYC with all things needed.

I read that news. Sorry for those who drained their money. Trust Wallet needs to resolve it immediately and return the money.
Trust Wallet gives an update in 20 hours ago for the compensation process:
...
Source: https://x.com/TrustWallet/status/2004623205005492651

Good thing they decide to compensate the losses, but i think it will take time as there's no centralized record of the accounts, anyone can claim that they also one of the victims lost from the recent hacked, transaction ids and address are publicly available which is one of the requirements asked on the form on the site, email is not required on trustwallet too so... Idk how they will manage to refund all the victims.

It is clearly that will take time. I am not sure if they will finish all of the mess shortly. We don't know how many people lost their funds so Trust Wallet team must clarify this first and compensate it gradually. It's important lesson for everyone to learn.

[Rashlyowl]

Afaik, TrustWallet was initially a decentralized wallet created by two developers who are members of this forum. Later, Binance bought the project and converted it into a fully centralized, closed-source wallet. There were no complaints about these wallet (untrustwallet), while the potential for risk remains, given that the wallet is closed-source and its algorithms cannot be verified.

Edit: The founder of trustwallet is an Ukrainian dev named Viktor Radchenko who linched the project in 2017, then Binance bought it in 2018.

Whatever it is, when open-source becomes closed-source, bad things are bound to happen. I've heard from other users that this isn't the first time  happened to this wallet, but it's the second. I think they should reconsider changing brand name, Trust Wallet isn't working for them.



By the way, I searched information about the developer you mentioned from this forum, but I couldn't find it at all, are you giving false information bros @Kavelj22?