Trust Wallet, a globally popular crypto wallet service provider, reported losing $170,000 of user funds because of a security vulnerability. According to the detailed Twitter thread Trust Wallet, an anonymous security researcher reported the risk in November 2022 through a company’s bug bounty program.
This security report disclosed the Trust Wallet of a WebAssembly vulnerability in their open-source library Wallet Core. Although the security risk has been neutralized, Trust Wallet reports it led to two hacks that collectively drained about $170,000 in user funds.
The organization detailed that all wallets created by the browser extension between November 14, 2022, to November 23 are the major hosts of this vulnerability, and wallets created after this time frame are untouched.
The wallet holders who experienced abnormal funds movement during December last and March 2023 can also be counted as the victim of security vulnerability. With an assurance, Trust Wallet informed that users using mobile applications to access their wallets are protected from the exploit.
The company requested that affected wallet users transfer assets from vulnerable addresses(500) to a new wallet address to secure the remaining funds. Hundreds of users lost their life savings in this unprecedented exploit.
Trust Wallet has prepared a detailed roadmap to compensate its users affected by the hack. For this, the organization has set up a user authentication procedure mandatory for all users involved.
Moreover, the organization has received a detailed list of affected customers along with their details needed for the identification process.
On April 06, 2023, TheCoinRepublic reported that Trust Wallet joined the payments systems Ramp and MoonPay to facilitate easy customer conversion.
The alliance will allow customers to convert their digital assets into fiat. Users who own more than 100 TWT are eligible for a discount upon withdrawals. Trust Wallet, Ramp, and MoonPay aim to provide users with easy access to their crypto holdings solely through their self-custody wallet and not relying on centralized entities.
According to CoinMarketCap, the native token of Trust Wallet, TWT, was trading at $1.22 with a 24-hour trading volume of $15,803,436. The token is ranked 87th most traded token among 23,562. In the last 52 weeks, TWT highest traded at $2.7178 and lowest traded at $0.4546.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2023/04/23/trust-wallet-is-ready-to-compensate-it-affected-users-plan-ready/