Trust Wallet Chrome Extension Hack Triggers $7M Losses

Trust Wallet users lost more than $7 million after the extension meant for Google's Chrome browser was hacked to install a false software update. The problem was identified on the 25th of December when on-chain sleuth ZachXBT discovered the draining of trust wallet funds after the issuance of a software update for the extension.

The Trust Wallet team has also recently confirmed that there was an issue and said, "The incident was limited to Chrome extension version 2.68. In consideration of your safety, we urge you to refrain from using version 2.68 and instead install version 2.69. Mobile and other browser users are unaffected by the issue".

However, Changpeng Zhao, Binance Co-Founder and parent company of Trust Wallet, was quick to reassure users that they would all be reimbursed. As for now, they are still trying to determine the cause of having such an exploit occur. But it is likely that these attacks occurred right as the update was released.

This episode has brought to light the emerging risk for web browser cryptocurrency wallets, even as cryptocurrency theft is on the rise worldwide. It is recommended to update web browser extensions, verify news about X, and refrain from using cryptocurrency wallets during surprise updates and notifications.

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