Is Trust Wallet Safe? Understanding The Security Risks Of Trust Wallet Browser Extension

On April 22nd, the founder of Slow Fog, Yu Xian, quoted Trust Wallet’s announcement on social media stating that if users use the Trust Wallet browser extension and create a wallet between November 14-23, 2022, the wallet will be at risk. The fundamental reason is that the MT19937 pseudo-random number generator used by the TrustWallet browser extension at that time did not provide sufficient randomness, resulting in the private key being cracked.

Founder of Slow Fog: There are risks in using TrustWallet browser extensions to create wallets from November 14-23 last year

In recent years, the use of cryptocurrency has surged, and with it, the importance of securing digital assets has become a high priority. TrustWallet, one of the most popular wallets for storing cryptocurrency, is considered to be highly secure. However, recent reports suggest that TrustWallet’s browser extension may not be as secure as users initially thought. In this article, we will examine the potential security risks associated with the TrustWallet browser extension and what users can do to protect their digital assets.

What is TrustWallet Browser Extension?

TrustWallet is a mobile wallet app that allows users to securely store, send, and receive multiple cryptocurrencies. In 2021, TrustWallet launched a browser extension that allows users to seamlessly interact with decentralized applications (dApps) on their desktop computer. The TrustWallet browser extension enables users to access and manage their cryptocurrencies from their web browser.

What are the Security Risks Associated with TrustWallet Browser Extension?

On April 22nd, 2022, Yu Xian, the founder of Slow Fog, quoted Trust Wallet’s announcement on social media stating that users who used the TrustWallet browser extension and created a wallet between November 14-23, 2022, were at risk. The fundamental reason behind this is that the MT19937 pseudo-random number generator used by the TrustWallet browser extension at that time did not provide sufficient randomness, resulting in the private key being cracked.
This news came as a shock to TrustWallet users, who believed that their digital assets were safe and secure. The private key is what enables users to access their cryptocurrencies in the wallet. It is essential to maintain its security, as it is the only way to access the wallet. If the private key is compromised, the digital assets in the wallet can be stolen.

What Can TrustWallet Users Do To Protect Their Digital Assets?

TrustWallet has taken immediate action to rectify the security flaw in their browser extension. They have updated the extension and have advised all users who created wallets during the affected period to transfer their funds immediately to a different wallet.
However, it is always wise for cryptocurrency holders to take additional steps to secure their digital assets. One such step is to have a hardware wallet. Hardware wallets are considered to be the most secure way to store cryptocurrency. They are physical devices that store the private keys offline, making it almost impossible for the keys to be hacked or stolen.
Another step to secure digital assets is to ensure that the wallet is regularly backed up. This should always be done offline, as it decreases the likelihood of a hacker gaining access to the backup.
TrustWallet users can also opt to use a multi-sig wallet. This is a type of wallet that requires more than one key to access. Users can set up a multi-sig wallet and keep one key with them, another with a trusted friend, and another with a lawyer. This ensures that even if one key is compromised or lost, the digital assets in the wallet can still be accessed.

Conclusion

In conclusion, the security risks associated with TrustWallet Browser Extension should not be taken lightly. The recent security flaw is a reminder that even highly secure wallets are not immune to security threats. It is critical for cryptocurrency holders to take all possible measures to secure their digital assets, including using a hardware wallet, regularly backing up their wallet offline, and using a multi-sig wallet.
If you created a TrustWallet during the period stated in the TrustWallet announcement, we urge you to transfer your funds immediately to another wallet or take the necessary measures to secure your digital asset held in TrustWallet.

FAQs

1. What is Trust Wallet, and How Does it Work?
TrustWallet is a mobile wallet app that allows users to securely store, send and receive multiple cryptocurrencies. It is considered to be highly secure and is used by millions of people worldwide.
2. What is a private key, and Why is it important?
The private key is a password that enables access to the wallet and is necessary to spend the digital assets stored in the wallet. If the private key is compromised, the digital assets in the wallet can be stolen.
3. What is a hardware wallet, and why is it considered the safest way to store cryptocurrency?
A hardware wallet is a physical device that stores the private keys offline, making it almost impossible for the keys to be hacked or stolen. It is considered the safest way to store cryptocurrency as it provides maximum security by keeping the private keys offline.