The popular decentralized Crypto wallet “Trust Wallet” fixed a vulnerability and decided to compensate the Trust Wallet users, who faced loss because of the detected bug.
Trust Wallet is a popular decentralized crypto wallet. This wallet is available for iOS, Android, & also for desktop users. This wallet also helps Trust wallet users to trade crypto assets under a decentralized medium. In 2018, the Binance crypto exchange acquired this wallet and brought several crypto services to this wallet at a better level.
On 22 April 2023, the Trust Wallet team reported that its wallet’s desktop extension version was under security risk between November 14 and 23, 2022. In the mentioned time frame, all the created crypto addresses via the Trust wallet browser extension version were under fund loss risk.
1/10 Trust Wallet is built on security & trust. So we’re sharing a vulnerability affecting new addresses created Nov 14-23,22 using the Browser Extension.
The issue is fixed. Most at-risk funds are secured. Affected users should take actions outlined:
https://t.co/X9AEfqWW87
— Trust Wallet (@TrustWallet) April 22, 2023
The Trust Wallet team came to know about this issue through a bug bounty program. Researchers noted that the bug was linked with the open-source library Wallet. Because of this security bug, some of the users lost around $170,000 in total.
The Trust Wallet team suggested to all those users, who faced fund loss because of this fund, to move their left fund to another new crypto address as soon as possible and also promised to give compensation to the affected users against loss.
4/10 The majority of funds at risk have been secured by users. ~$88k total balance left on affected addresses. We urge affected users to move their funds ASAP. AVOID using addresses provided by others.
— Trust Wallet (@TrustWallet) April 22, 2023
Just a few days back, a MetaMask dev & founder of MyCrypto, Taylor Monahan took to Twitter to share an unknown incident in which she lost approximately 5k ETH & some valuable NFTs in the last 4-5 months. She claimed that the bug was associated with the MetaMask wallet & that bug helped the hacker to trick her wallet’s funds.
The Trust Wallet team also responded on this matter and confirmed that the latest TrustWallet vulnerability report is independent of the incident that Taylor faced.
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