Trust Wallet Reports WASM Vulnerabilities and Offers Compensation for Affected Users

04/22/2023 10:13 • NFT Newsflash • 130 views

On April 22nd, it was reported that Trust Wallet, a cryptocurrency wallet, released the “WASM vulnerabilities, event updates, and recommended measures” announcement, which stated that in November 2022, a security researcher reported a Web Assembly (WASM) vulnerability in the Wallet Core, an open-source library of TrustWallet, through a vulnerability reward program. The Trust Wallet Browser Extension uses WASM in the Wallet Core, and new wallet addresses generated by the Browser Extension between November 14 and 23, 2022 contain this vulnerability. TrustWallet quickly fixed the vulnerability, and all addresses created after these dates are secure. However, TrustWallet still detected two potential vulnerabilities, causing a total loss of approximately $170000 at the time of the attack. In response, Trust Wallet will compensate for eligible losses caused by hacker attacks caused by vulnerabilities and create a compensation process for affected users. In addition, Trust Wallet urges affected users to quickly transfer the remaining balance of approximately $88000 on all vulnerable addresses. Users who only use Trust Wallet mobile devices, import wallet addresses into browser extensions, or create a new wallet using browser extensions before November 14, 2023 or after November 23, 2022 are not affected by this vulnerability. If users receive warning notifications on the TW Browser Extension, they may be affected. Users with abnormal capital flows in late December 2022 and late March 2023 may be one of the few victims of these two exploit.

Trust Wallet: There is a vulnerability in the address used to create a new wallet from November 14th to 23rd last year, and a compensation process has been created for affected users

The use of cryptocurrency has significantly increased over the years, with several cryptocurrencies like Bitcoin, Ethereum, and Dogecoin becoming incredibly popular. Cryptocurrencies are digital or virtual tokens that use cryptography for security purposes. Cryptocurrency wallets are applications that store public and private keys used for transactions within the blockchain network. Trust Wallet is one such cryptocurrency wallet that made headlines in April 2022 due to security vulnerabilities.

Background

On April 22, 2022, Trust Wallet reported vulnerabilities in its cryptocurrency wallet in an announcement titled “WASM Vulnerabilities, Event Updates, and Recommended Measures.” The announcement stated that a security researcher had reported a vulnerability in the Trust Wallet Core through a vulnerability reward program. The Trust Wallet Browser Extension uses Web Assembly (WASM) in the Wallet Core, and new wallet addresses generated by the Browser Extension between November 14 and 23, 2022, contain this vulnerability.
Trust Wallet fixed the vulnerability immediately, and all addresses created after these dates are now secure. However, the wallet still detected two potential vulnerabilities, leading to a total loss of approximately $170,000 at the time of the attack.

Compensation

Trust Wallet has offered compensation for eligible losses caused by hacker attacks due to vulnerabilities. The company has also created a compensation process for affected users. Trust Wallet urges affected users to quickly transfer the remaining balance of approximately $88,000 on all vulnerable addresses.

Safety Measures

Users who only use Trust Wallet mobile devices, import wallet addresses into browser extensions, or create a new wallet using browser extensions before November 14, 2023, or after November 23, 2022, are not affected by this vulnerability. If users receive warning notifications on the TW Browser Extension, they may be affected. Users with abnormal capital flows in late December 2022 and late March 2023 may be one of the few victims of these two exploits.

Conclusion

The Trust Wallet team takes security very seriously, and it has implemented several measures to safeguard its users’ funds. Although security vulnerabilities are inevitable, Trust Wallet has responded promptly and effectively and has offered compensation for affected users. Trust Wallet recommends that users take necessary precautions and transfer their funds to secure addresses if they believe they may be affected.

FAQs

Q1: What is Trust Wallet?

Trust Wallet is a cryptocurrency wallet that stores public and private keys used for transactions within the blockchain network.

Q2: What was the cause of the vulnerabilities in Trust Wallet?

The vulnerabilities were caused by a Web Assembly (WASM) vulnerability in the Trust Wallet Core, which was reported by a security researcher.

Q3: How much compensation will Trust Wallet offer for eligible losses?

Trust Wallet has not specified the amount of compensation. However, the company has created a compensation process for affected users.

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