Trust Wallet Implements Verification Process Following $7 Million Hack

Trust Wallet Moves to Verification Phase After Cyber Attack

Trust Wallet has identified 2,596 affected addresses following a cyber attack on its browser extension that occurred during Christmas. However, the company received nearly 5,000 refund requests, indicating a significant number of false or duplicate claims. Trust Wallet CEO Eowyn Chen emphasized the importance of correctly verifying wallet ownership to ensure that funds are returned to the rightful individuals.

Reports indicate that the Trust Wallet browser extension was compromised in a targeted attack, resulting in losses of approximately $7 million. This amount will be fully covered by Binance, with co-founder Changpeng Zhao owning Trust Wallet. Additionally, cybersecurity firm SlowMist reported that the malicious extension exported users' personal information, raising questions about possible insider involvement.

Trust Wallet continues to investigate the incident and is working diligently on verifying refund requests, prioritizing accuracy over speed. Further details will be communicated as the investigation unfolds.