Trust wallet crap lost $7 million!

[dkbit98]

This is exactly why I keep telling people all the time to stay away from closed source crap like Trust wallet!

Their stupid browser extension had security breach that resulted in $6 million worth of losses in crypto!

Let me remind everyone that Trust wallet is Chinese crap connected with Binance exchange, and CZ claims he will cover all loses 

STOP using ALL closed source wallets asap!


https://x.com/TrustWallet/status/2004316503701958786

Read more about this news here:
https://www.theblock.co/post/383735/trust-wallet-extension-incident

[Rashlyowl]

The exploit happened in their extension, which has 50 times fewer users than their mobile app, with that value, they already lost $7,000,000. What if it was their mobile app that was exploited? those closed sources are not supposed to be used, this should be a sign for anyone, especially beginners, to start thinking again about storing their assets in a safer place (open-source).

[ScamViruS]

You have to be careful when using anything that has the name Trust attached to it. Many experts have been warning us to always be careful when using Trust wallets, and the reason for everyone's fear has now been proven. Many crypto users have lost their funds due to the stupid work of the Trust wallet team. And this damn wallet is connected to binance, and CZ is publicly promising to compensate the affected users! All of this is damage control for their stupid actions.

[JeromeTash]

I think this is the second time I have seen news regarding an exploit in trust wallet, and they wouldn't say a lot regarding the extent of the exploit. Closed source wallets even if they are noncustodial are a no-go zone for anyone who wants to keep their funds.

[UserU]

I think this is the second time I have seen news regarding an exploit in trust wallet, and they wouldn't say a lot regarding the extent of the exploit. Closed source wallets even if they are noncustodial are a no-go zone for anyone who wants to keep their funds.

This is the second time? Any source of the first one?

[noorman0]

This is the second time? Any source of the first one?

This occurred in late 2022 to early 2023. The total loss was not disclosed, only that it was at risk of losing around $30 million. This was due to the mnemonic being generated insufficiently randomly (only 32-bit), making it easily guessed by hackers. Source

[satscraper]

This is exactly why I keep telling people all the time to stay away from closed source crap like Trust wallet!

Their stupid browser extension had security breach that resulted in $6 million worth of losses in crypto

The breach was not related to the extension itself but to their Chrome developer account, which appears to have been compromised. This allowed hackers to insert the file containing malicious code into the official build. Such kind of attack can happen to any extension, regardless of whether it is open source or closed source. In fact, open source projects can sometimes be even more vulnerable to code injection.

[bxae00]

FOR THE LOVE OF GOD, STOP USING BROWSER EXTENSIONS AS YOUR ACTUAL WALLETS!

[aioc]

The breach was not related to the extension itself but to their Chrome developer account, which appears to have been compromised. This allowed hackers to insert the file containing malicious code into the official build. Such kind of attack can happen to any extension, regardless of whether it is open source or closed source. In fact, open source projects can sometimes be even more vulnerable to code injection.

They now have this notification in their extension. Please follow the instructions to access your coin. I need to transfer all my altcoins to Metamask due to the recent security vulnerability.
Binance should investigate this. There are so many Trust Wallet users because of the Binance brand. I read on the other forum that it's an inside job and the hacker transferred surprisingly to a centralized exchange

[Rikafip]

I need to transfer all my altcoins to Metamask due to the recent security vulnerability.

I don't think that Metamask is much safer than Trust wallet, if any.

Hardware wallets are not that expensive nowadays (less than $100), so there's really no reason not to get one. Except maybe if you live in the country where its impossible ot get it, but then there are other solutions to safely store your crypto.

[jcojci]

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:

Update on Trust Wallet Browser Extension v2.68 Security Incident: Compensation Process

To start the compensation process, affected users should please complete this form: https://be-support.trustwallet.com to help us process your case.

Our support team is prioritizing all the victims from the incident and has already begun reviewing submissions.

We apologize and acknowledge that this situation has been frustrating and disruptive. We are working around the clock to finalize the compensation process details and each case requires careful verification to ensure accuracy and security.

We will be in close contact with the victims on any progress and updates. We appreciate your patience with us.

Source: https://x.com/TrustWallet/status/2004623205005492651

[DPHOR]

This is so heart touching on the affected victims celebrating their Christmas with a great lose and regret.
And of course, after reading lot of post on the forum about close source wallet, especially Trustwallet I had to get discouraged using those wallets, after which I noticed that Electrum wallet is another cool wallet to use instead of that Trustwallet, of course I was actually using the extension where I had to import my seedphrase back then but after reading some post here I have to disengaged myself from using that wallet and also uninstall it from my phone and move down to other open source wallet.

[NotATether]

This is the second time? Any source of the first one?

This occurred in late 2022 to early 2023. The total loss was not disclosed, only that it was at risk of losing around $30 million. This was due to the mnemonic being generated insufficiently randomly (only 32-bit), making it easily guessed by hackers. Source

Just shut the whole thing down at this point.

I haven't even seen other wallet extensions with hilariously bad security breaches as Trust Wallet. People need to start getting fired, investigated, and possibly arrested.

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:

Update on Trust Wallet Browser Extension v2.68 Security Incident: Compensation Process

To start the compensation process, affected users should please complete this form: https://be-support.trustwallet.com to help us process your case.

...

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

[PX-Z]

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.

[ScamViruS]

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.

Compensation cannot actually cover up their failures, and Binance always plays the compensation game. Whenever their failures are discussed in the crypto community, they come up with compensation to cover it up. And the database of the victims who lost their funds due to this hack is definitely with the trust wallet. So if they really want to refund the victims, they can do it using that database. However, even if they compensate victims, crypto users should refrain from using stupid wallets like trust wallets.

[coupable]

The exploit happened in their extension, which has 50 times fewer users than their mobile app, with that value, they already lost $7,000,000. What if it was their mobile app that was exploited? those closed sources are not supposed to be used, this should be a sign for anyone, especially beginners, to start thinking again about storing their assets in a safer place (open-source).

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.

[tabas]

FOR THE LOVE OF GOD, STOP USING BROWSER EXTENSIONS AS YOUR ACTUAL WALLETS!

The same goes with metamask, it's okay to leave some dust amounts there that you'll not mind losing. But leaving millions there is a crazy idea, you get to have that much and doesn't think of a better wallet that has much better security. I am sorry to the affected ones, if they'll refund you that's good enough and leave them forever once they do.

I need to transfer all my altcoins to Metamask due to the recent security vulnerability.
Binance should investigate this.

Transfer it to a hardware wallet or an air-gapped wallet. You still transferred it to a browser wallet if it's metamask.

[coupable]

I need to transfer all my altcoins to Metamask due to the recent security vulnerability.
Binance should investigate this.

Transfer it to a hardware wallet or an air-gapped wallet. You still transferred it to a browser wallet if it's metamask.

Metamask can also be used via mobile application. It's higher security than using the browser extensions. The mobile application can also be connected to other applications, so better to not connect it to any third part application at all and just use it to sign transactions and manage assets between different supported networks. Unfortunetly, most of us (as crypto users) haven't the chance to buy a hardware wallet for many valid reasons. The have to bear heavy risks because the restrictions in their locations.

[tabas]

I need to transfer all my altcoins to Metamask due to the recent security vulnerability.
Binance should investigate this.

Transfer it to a hardware wallet or an air-gapped wallet. You still transferred it to a browser wallet if it's metamask.

Metamask can also be used via mobile application. It's higher security than using the browser extensions. The mobile application can also be connected to other applications, so better to not connect it to any third part application at all and just use it to sign transactions and manage assets between different supported networks. Unfortunetly, most of us (as crypto users) haven't the chance to buy a hardware wallet for many valid reasons. The have to bear heavy risks because the restrictions in their locations.

In spite of having a mobile application that's even giving the users of it having the chance to be more prone into attacks. And as you have explained, people like to connect it to any other apps because of the convenience that it provides and we're you're quite tired or you haven't noticed it, you'll fall for some tricks that you have never come up with. And so, if you have the funds there, make sure that it's the fund of your life time and just some dust amounts good for trading. Otherwise, move it to a hardware wallet or much better you prefer that's open source.

[rat03gopoh]

Just shut the whole thing down at this point.

I haven't even seen other wallet extensions with hilariously bad security breaches as Trust Wallet. People need to start getting fired, investigated, and possibly arrested.

Agreed.
The only party to be suspected of exploiting a closed-source wallet vulnerability is the team itself (and/or a third-party audit team).
I think anyone working at a crypto wallet company would be able to distinguish a sufficiently secure entropy standard even against the most advanced computing power of its time, esp. given the popularity of the company behind it.