Trust Wallet Suffers $170K Exploit Due to Vulnerability

Cryptocurrency wallet Trust Wallet has suffered an exploit which led to the loss of $170,000 in two separate transactions. As per a published statement, a vulnerability was found in the WebAssembly feature (WASM) of Trust Wallet by a security researcher way back in November last year.

“In November 2022, a security researcher reported a WebAssembly (WASM) vulnerability in our open-source library, Wallet Core, through our bug bounty program. Our Trust Wallet Browser Extension uses WASM in Wallet Core, and new wallet addresses generated between November 14 and 23, 2022 by Browser Extension contain this vulnerability,” the blog post stated.

Trust Wallet Team Investigate the $170K Exploit

Further investigations by the Trust Wallet team showed that the bad actors could engage the vulnerability to effectively execute malicious codes on users’ devices. Therefore, they made rapid efforts and mitigated the risks involved with the vulnerability and at the same time, released a security update for the app to avoid further damage. 

At the time, the $170,000 had been siphoned. All affected accounts were promised reimbursement by the company and owners of other accounts susceptible to an attack were encouraged to redirect their balances as soon as possible. However, all accounts created after the system had been patched to date are certified to be safe.

Browser Extension Added to Wallet

Notably, the non custodial wallet is amongst the few digital assets wallet providers that boast of embossed security software to safeguard users’ funds. To achieve this, the company is in several strategic collaborations with financial, security and technology experts to deliver quality services to its users. 

This challenge to continually offer users secured offerings contributed to the launch of the browser extension which provides a similar experience to the Trust Wallet mobile app. The Trust Fund browser extension includes features like Non-fungible tokens (NFTs), Decentralized Finance (DeFi) and Web 3.0 games.

Trust Wallet Implore Users to Carry out Security Measures

To avoid a recurrence, the Trust Wallet team have encouraged users to upgrade their wallet to the latest version of the app. At the same time, any suspicious emails, links or messages from the Trust Wallet account should be handled with utmost vigilance.

Any user who have not completed the suggested security measure including the two-factor authentication (2FA) and creation of a strong password is expected to do so.