Trust Wallet Discloses Security Flaw Resulting in $170k Loss
Jessie A Ellis Apr 24, 2023 07:59
Crypto wallet Trust Wallet has reported a security vulnerability, resulting in almost $170k in losses for some users. The vulnerability has been fixed after Trust Wallet found out about it through its bug bounty program.
The popular cryptocurrency wallet known as Trust Wallet has acknowledged that it had a security weakness that resulted in the loss of over $170,000 for some of its customers. The firm has said that the vulnerability has been fixed, and that it has sent notifications to all of the people who were impacted.
The Trust Wallet bug bounty program is credited with the discovery of the vulnerability, as stated by the company. In November of 2022, a security researcher disclosed a WebAssembly flaw that was present in the open-source framework known as Wallet Core. Trust Wallet additionally noted that new wallet addresses issued by the Browser Extension between November 14 and November 23 included this vulnerability.
On the other hand, the organization reminded its customers that any email addresses that were established before or after those dates are completely secure. Users of Trust Wallet were encouraged to upgrade their apps and establish new addresses in order to strengthen the security of their accounts.
Popular mobile cryptocurrency wallet Trust Wallet supports over 20 different blockchains, including Bitcoin, Ethereum, and Binance Smart Chain, among others. Binance, which is one of the biggest cryptocurrency exchanges in the world, is the owner of the platform.
The bug bounty program is an effort that gives researchers in the field of cybersecurity the opportunity to search for and disclose security flaws in return for financial compensation. Researchers are incentivized via the initiative to discover and disclose vulnerabilities, which paves the way for businesses to strengthen their own security protocols.
Both the promptness with which Trust Wallet addressed the problem and the openness with which it disclosed the existence of the security flaw have earned the company accolades. This event brings to light the need of taking precautions while dealing with cryptocurrencies, and it should serve as a warning to users that they need to be extra watchful when it comes to protecting the assets they have.
In summing up, the security flaw that was found in Trust Wallet thanks to its bug bounty program has been fixed. The impacted customers have been notified by the firm, who has also suggested that they update their app and establish new wallet addresses. The necessity of taking precautions to protect one's bitcoin holdings is highlighted by Trust Wallet's openness on the issue and its prompt response in trying to resolve it.
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