Trust Wallet Hack Results in $7 Million Loss, Reimbursement Pledged
Trust Wallet, a prominent self-custody cryptocurrency wallet, suffered a significant security breach resulting in approximately $7 million in losses. The hack affected 2,596 wallets, with the company committing to full reimbursement after rigorous verification processes to filter out false or duplicate claims.
Initial investigations suggest the exploit targeted less-monitored surfaces rather than the Core application. Browser extensions or outdated software versions may have served as entry points. Notably, dormant wallets with outdated security practices were disproportionately impacted.
The incident underscores the persistent vulnerabilities in digital asset storage, even with self-custody solutions. Trust Wallet's response included immediate service suspension while addressing the breach. This event highlights the critical need for continuous security updates across all wallet components and dependencies.
