Trust Wallet Refunding Victims of the $170000 Security Exploit
The team behind the Trust Wallet has completed resolving WebAssembly (WASM) system vulnerability that affected the software attached to the main wallet. The unnoticed system vulnerability negatively affected crypto wallets centered on the Ethereum and blockchain networks.
After conducting a thorough system assessment, the technical team observed that the vulnerability was first witnessed on November 14. It was reported that since November 23, the team has been exploring effective strategies to address security breaches.
Assessing Damages Caused by Security Breaches
On April 21, the Trust team updated the Twitter community that the group had successfully managed to mitigate the security concern. The tweet revealed that the assets locked in the wallets were safe.
According to the tweet, the hackers targeted the WASM that stores unique codes. Usually, the developers utilize the codes generated on the WASM to build software with different programming languages.
Also, the WASM enables users to create their digital wallets on the platform through a browser extension. The Trust team argued that the security threat on the WASM platform exposed the firm to lose assets worth $170000.
The loss of customers’ assets prompted the Trust to prioritize addressing the security threat. The investigators noted two major exploits that resulted in the loss of $170000.
Trust Wallet Refunding Process
An update on the Trust community forum demonstrated that a malicious attack contributed to the WASM vulnerability. During the investigations of the November 14 exploits, it was observed that the security breaches had minimal impact on Trust customers utilizing the mobile application.
The Trust users who accessed their crypto wallets using seed phrases were unaffected. Also, the customers who created new wallets from November 14 were among the lucky Trust users.
The community post revealed that the exploit’s discovery compelled the crypto firm to make a meaningful move to address the concern. Firstly, the Trust team conducted multiple security audits to evaluate an innovative solution to boost wallet security.
The completed audits involved hiring an external security expert to support the Trust team in redefining their security measures and procedures.
The company revealed that the security audits aimed to enable the wallet to uphold the security and privacy of the system. Besides the security measures adopted by Trust, the company plans to restore the customers’ confidence by refunding the affected customers.
The imminent refunds prompted the Trust team to develop a reimbursement system. The Trust’s system will facilitate refunds and address customer queries.
The Trust team plans to utilize the new system to update the customers on the progress of their refunds. In the November exploit, the Trust users expressed mixed reactions concerning the wallet’s security.
An announcement conveyed by the founder of MyCrypto, Taylor Monaham, revealed that her Trust wallets lost more than 5000 Ether (ETH) during the exploit. She lamented that the security breaches enabled bad actors to access her multiple wallets stealing substantial assets.
Commenting on her post, the Trust team denied Taylor’s claims. After examining the case, they argued that no supporting evidence demonstrated that November contributed to Taylor’s losses.
