DeutschOver Christmas, the Trust Wallet, one of the most popular software wallets, was hacked. The hack affects hundreds of people who, according to the developers’ findings, have lost over seven million US dollars to date. Users of the application should definitely update to the latest version to prevent damage.
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Trust Wallet hacked? Users lose over $6 million
Was the popular Trust Wallet hacked? This is suggested by crypto analyst ZachXBT on X. The blockchain analyst discovered several suspicious transactions affecting users of the software wallet.
“Several Trust Wallet users have reported that their cryptocurrencies have suddenly disappeared from the wallet,” ZachXBT wrote yesterday on his Telegram channel.
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On X, he later stated that he had identified damages amounting to more than six million US dollars. Hundreds of people are affected by the unauthorized access. However, he himself was unable to pinpoint the source of the problem with certainty.
Initially, ZachXBT suggested a connection with a new app version. On December 24, Trust Wallet released a software update to the extension for Google Chrome.
A few hours ago, Trust Wallet then confirmed that the Chrome extension contained an error that attackers could apparently exploit profitably.
“We have identified a security incident that exclusively affects the Trust Wallet Browser Extension version 2.68. Users with Browser Extension version 2.68 should disable it and update to version 2.69,” the developers wrote on X.
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Initially an independent development, Binance acquired Trust Wallet in the summer of 2018. At that time, after only a few months of active operation, Binance had already risen to become the largest crypto exchange in the world.
Since then, the company has promoted the Trust Wallet among its customers. More than 200 million people use the application according to the developers.
Trust Wallet Hack: Users to be compensated
Trust Wallet recently announced that it will compensate all affected users. More than seven million US dollars in damages had been accumulated by the time the error was fixed.
“We confirm that approximately $7 million is affected, and we will ensure that all affected users receive a refund,” Trust Wallet wrote on X.
It was also confirmed that only users of the Chrome extension were affected by the security incident. Users who are still using version 2.68 should definitely not access their wallet to avoid unauthorized access.
Instead, users are asked to turn off the app, switch to developer mode and thus force an update to version 2.69. This procedure can prevent damage.
Details about the hack were not released. Why unauthorized persons were able to steal cryptocurrencies worth several million US dollars remains unknown to the public for the time being.
