Popular crypto wallet Trust Wallet has responded to a vulnerability in its product that led to $170,000 in user losses.
Trust Wallet says it fixed an issue with new wallets created between November 14th and 23rd last year through its browser extension.
Trust Wallet says that users can consider themselves safe if they only use the mobile app, only imported wallet addresses created somewhere else into the browser extension or only used the browser extension before November 14th or after November 23rd.
“For transparency: we delayed this disclosure to prevent immediate attacks and reduce potential breaches, thus safeguarding assets.
For the past months, we aggressively pushed 1-1 notifications to affected addresses, resulting in significant fund transfers to secure addresses in strong momentum until recently.
Despite our best efforts to minimize loss, we proactively identified two likely exploits with a total loss of $170,000. To do right to users, we created a reimbursem*nt process for affected users to make them whole.”
Trust Wallet currently has a claims process for the hack here.
In a blog post, Trust Wallet says that the vulnerability was spotted by a security researcher through the project’s bug bounty program and stemmed from the wallet’s WebAssembly code, a type of programming language.
The Trust Wallet team also clarified that the vulnerability had no connection to recent reports of MetaMask wallets being hacked and drained.
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Featured Image: Shutterstock/George Toubalis
FAQs
Network issues:
Make sure that your internet connection is stable because an unstable network can result in transaction failure.
How do I contact Trust Wallet? ›
We'd be happy to answer them. Shoot us an email or send us a note: Email: [email protected].
What is a recovery phrase in trust wallet? ›
Your secret recovery phrase is the key to your wallet and controls access to all your funds, so write it down and keep it safe! If your device is lost or stolen, the only way to recover your funds is with your 12-word secret recovery phrase, i can give you advice about this if you need.
Can I get my money back from trust wallet? ›
To withdraw money from Trust Wallet to a bank account, convert your crypto to Bitcoin on an exchange, then use services like Coinbase, BitFlyer, or Binance for direct bank deposit. Alternatively, use peer-to-peer platforms for trades. Remember, processing times, fees, and available currencies vary with each method.
Why is my trust wallet blocked? ›
Some common reasons for this issue include: Suspicious activity: If the Trust Wallet team detects any suspicious activity on your account, they may temporarily block your assets as a security measure. Network issues: Sometimes, network problems or congestion can prevent assets from being transferred or withdrawn.
How do I report a trust wallet issue? ›
Live chat: Trust wallet offers live chat support for urgent issues. You can access live chat by clicking the “Contact Us” button in the help center and then selecting “Chat.” Phone support: Trust wallet also offers phone support for urgent issues.
How do I report a ProBlem on trust wallet? ›
If you're experiencing technical issues or need to report something on Trust Wallet, please use the "Report a ProBlem" feature. Call Meta's only phone numBer, which includes Trust Wallet, Trust Wallet, and Oculus: ☎️+1*(586)-441-3023 , (for quick support). What happens when my Trust Wallet account is hacked?
What is the ProBlem with trust wallet Bitcoin network? ›
According to Foresight News, Trust Wallet has reported encountering issues with Bitcoin nodes. The problems stem from the increased transaction volume in each block of the Bitcoin network, which has put pressure on nodes and led to instability among suppliers.
Is trust wallet legal in the US? ›
Yes. In the United States, your transactions on Trust Wallet and other platforms are subject to income and capital gains tax.
Is there a limit on trust wallet daily transfer? ›
There are no limits since Trust Wallet is a decentralized app. You just have to take notice of the fees when sending your crypto.
Crypto purchases in Trust Wallet go through Ramp, which is available in most of the United States. U.S. customers can only buy crypto on Ramp with debit or credit card payments, and fees can be expensive.
What is the 12 phrase in trust wallet? ›
All of your cryptocurrency balance(s) are encrypted within the “12-Word” Recovery Phrase. The recovery phrase is the master key for all your assets. Meaning, all private keys are derived from that 12-Word Recovery Phrase. If you lost the Recovery Phrase, you loose access to your wallet.
What happens if I lose my recovery phrase on trust wallet? ›
If you lose your recovery phrase, you will lose access to your wallet and all your cryptocurrency balance(s). ⛔It is advisable to do a backup of your wallet and take all necessary measures to keep it secure. Before you start using a wallet, try to recover it first.
What if someone steals my recovery phrase? ›
Anyone with access to your recovery phrase can steal your crypto funds without even having access to your Ledger device.
Is there any way to recover my trust wallet account? ›
Please be informed that it is impossible to recover the wallet without the recovery phrase or private key. You should have a backup stored in a safe place. Also, the Trust Wallet team does not keep a log of your recovery phrases for your security.
How do I access my lost crypto wallet? ›
If you can find the seed phrase, you can restore the wallet using any HD wallet provider. If you don't have the private keys or the seed phrase but you have the original device your wallet was installed on, you have one final option: finding and extracting your seed phrase or private keys from the device itself.
How do I get back into my crypto account? ›
SRP is the only way to recover a crypto wallet. This recovery phrase is a series of words generated by your wallet at setup. SRP acts as a crypto security phrase that can be used to regain access to your account in case you forget your wallet password. It is made up of a series of 12 to 24 simple words.
How do I recover my crypto transfer? ›
However, you can try contacting the owner of the address and asking them to return the crypto. You can also try contacting the exchange or wallet provider that you sent the crypto from and asking them to help you recover it. Finally, you can try contacting a crypto recovery service.
