The top cryptocurrency wallet, Trust Wallet, announced it would compensate users who suffered a loss in its recent $170,00 exploit. Trust Wallet revealed that a security vulnerability led up to the two potential exploits.
Trust Wallet noted through its bug bounty program, a security researcher discovered a WebAssembly (WASM) vulnerability in its open-source library, Wallet Core, in November 2022.
The Trust Wallet Browser Extension leverages WASM in the Wallet Core and the new wallet addresses generated by the Browser Extension between November 14 and November 23, 2022, reportedly include this vulnerability.
“We quickly patched the vulnerability, and all addresses created after those dates are safe. As a commitment to transparency and user protection, we want to assure users that we will reimburse eligible losses from hacks due to the vulnerability and have created a reimbursement process for the affected users,” the wallet provider added.
Trust Wallet notified users that if their wallet addresses are vulnerable, they will be able to see a warning notification in the Browser Extension.
Also Read: Crypto Wallets: All You Need To Know About Their Types
The users who used the Wallet Core library for developing Browser Extension wallets in 2022, have to ensure they have deployed the latest version of Wallet Core to prevent the Browser Extension app from being affected by this vulnerability.
Trust Wallet advised impacted users to transfer the remaining $88,000 USD balances from the vulnerable addresses immediately.
Exploits have been rampant this month with decentralized platforms being the main target. Recently, DeFi platforms Aave and Yearn Finance suffered an exploit, with the attacker draining over $10M in stablecoins.
