Trust Wallet Announces Reimbursement to Users Affected by Exploit
- The firm claims that they have applied a fix to the issue.
- Two separate exploits caused by the incident resulted in losses of roughly $170,000.
Trust Wallet, a cryptocurrency wallet, has announced a security flaw that has cost some customers approximately $170,000. The firm claims that they have applied a fix to the issue.
The Trust Wallet bug bounty program is where the company first learned about the vulnerability. In November of 2022, a security researcher discovered a WebAssembly flaw in the open-source library Wallet Core.
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.
— Trust Wallet (@TrustWallet) April 22, 2023
The issue is fixed. Most at-risk funds are secured. Affected users should take actions outlined:
https://t.co/X9AEfqWW87
Only Certain Wallets Affected
Wallet addresses produced “between November 14 and 23, 2022 by Browser Extension contain this vulnerability,” the business noted in a statement, adding that addresses created before and after those dates are secure.
Two separate exploits caused by the incident resulted in losses of roughly $170,000. An autopsy assessment estimates that 500 susceptible addresses and $88,000 remain.
A refund will be provided to affected consumers, as well as help with gas expenses, to offset the costs of transferring funds. Potential victims of the two vulnerabilities include users who noticed unusual activity in their accounts involving their funds in late 2022 or early 2023.
Customers were advised to open a new wallet and move their funds there. According to the business, the Trust Wallet browser plugin will alert users whose addresses have been compromised. In 2022, developers that relied on the Wallet Core library should upgrade to the most recent version of the library. Binance has already warned users whose wallet addresses were compromised.
Another newly disclosed wallet attack targeted crypto industry experts and has stolen about $11 million in non-fungible currency and cryptocurrencies from addresses on 11 different blockchains since December 2022. At first, it was thought that a flaw in the MetaMask wallet was to blame for the assault, however, MetaMask subsequently refuted this.
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Read more: https://thenewscrypto.com/trust-wallet-announces-reimbursement-to-users-affected-by-exploit/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
