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Trust Wallet Fixes Vulnerability As Users Lost $170k

Twitter icon  •  Published 11 months ago  •  Hassan Maishera

Trust Wallet revealed that it had fixed a major vulnerability after users reportedly lost $170,000 to the issue.

TL;DR

  • Decentralized wallet provider Trust Wallet has revealed that it had fixed a significant vulnerability in its core wallet software library.

  • The bug saw Trust Wallet users lose $170,000 in November last year, and the team said it would reimburse the affected users. 

Trust Wallet Fixes A Major Bug

Trust Wallet, a popular crypto wallet, has announced that it has fixed a major WebAssembly (WASM) vulnerability within its core wallet software library. 

According to the team, the issue impacted wallet addresses on Ethereum and a few other blockchains via its wallet browser extension between Nov. 14 and Nov. 23, 2022.

Trust Wallet announced that the issue has been fixed, and most at-risk funds are secured. WebAssembly is a computer code format that lets developers use multiple programming languages to build web applications, including those used in crypto wallets. 

Trust Wallet added that the bug was present in the wallet's core software library, which leveraged the WASM format to allow the user creation of their crypto wallets within the browser extension. 

The decentralized wallet added that after discovering the vulnerability, it addressed the issue. However, it had already detected two exploits, resulting in the loss of $170,000 to its users. 

Trust Wallet said the bug didn’t affect users that only use its mobile app, those who imported wallets into the browser extension using seed phrases from other wallet applications or created new wallet addresses via the extension before Nov. 14 or after Nov. 23, 2022.

The team told its community members that it had already increased the security of its wallet product by carrying out more frequent security audits and working with external auditors to assess their security protocols. 

Trust Wallet said it would issue refunds to the affected users and has already created a reimbursement system for that purpose.

 

Author

Hassan Maishera

Hassan is a Nigeria-based financial content creator that has invested in many different blockchain projects, including Bitcoin, Ether, Stellar Lumens, Cardano, VeChain and Solana. He currently works as a financial markets and cryptocurrency writer and has contributed to a large number of the leading FX, stock and cryptocurrency blogs in the world.