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Crime and Investigations

Trust Wallet’s Bug Bounty Program Unearths $170K Security Vulnerability

Trust Wallet’s Bug Bounty Program Unearths $170K Security Vulnerability

Trust Wallet, a provider of crypto wallets, has disclosed a security issue that caused users to lose $170,000.

An anonymous security researcher reported the vulnerability via Trust Wallet’s bug bounty program in November 2022.

Trust Wallet was alerted to a WebAssembly vulnerability in its open-source library Wallet Core, which led to two exploits resulting in customer losses.

Users who created new wallet addresses via the browser extension between November 14 and 23, 2022, are vulnerable to the exploit, with all other wallets considered safe.

Trust Wallet has urged owners of the remaining 500 vulnerable addresses, valued at nearly $88,000, to move their assets to new wallet addresses.

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Trust Wallet has reimbursed all affected customers and states that the issue is unrelated to the recent 5,000 ETH wallet drain.

The crypto industry has experienced over 20 projects losing investors’ funds due to attacks in 2023, with the DeFi protocol Euler Finance losing $200 million in March. Higher security standards are needed to combat these incidents effectively.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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