Trust Wallet, a popular self-custody crypto wallet, has recently experienced a major exploit. As a result, the hacker took away a staggering $7 million from Trust Wallet. The incident has ignited a reaction from key figures like Changpeng Zhao (CZ) and other crypto analysts. As per Trust Wallet’s official X account, the platform has identified the security incident, confirming that the breach is solely impacting the Browser Extension version 2.68. Hence, the platform has urged users to swiftly upgrade to the next version 2.69. This comes a month after Aerodrome faced a front end hack on November 23.
CZ Asserts Trust Wallet Will Cover $7M in User Funds Affected in Security Breach
The $7M security breach has targeted Trust Wallet’s official Browser Extension’s 2.68 version. Thus, the platform is persuading the consumers to shift to the 2.69 version. Additionally, Trust Wallet has confirmed that the rest of the extension versions are unaffected. On this, Changpeng Zhao (CZ), the co-founder of the leading crypto exchange, Binance, asserted that Trust Wallet will cover the exploited amount eventually. He also assured the users about the safety of the funds.
Additionally, CZ also mentioned that the Trust Wallet team is actively examining the incident to come up with suitable recovery measures. Apart from that, Zach XBT, a popular crypto security investigator, asked Trust Wallet regarding the likely compensation measures based on the requests of the affected users. While replying to this, Trust Wallet assured that the team is contacting the impacted consumers for the next steps for their support.
Hacker Shifts $4.25M of Exploited Funds via KuCoin, FixedFloat, and ChangeNOW
According to Lookonchain, a prominent on-chain analytics provider, the exploiters have already shifted $4.25M out of the funds, exploited from Trust Wallets, via KuCoin, FixedFloat, and ChangeNOW. The breach highlights the increasing sophistication of exploits in the crypto sector. Ultimately, with the drainage of millions in user funds, the incident offers a sheer reminder of how significant timely updates as well as vigilance within the crypto market are.
