Binance founder CZ announced that Trust Wallet will fully compensate users for the $7 million hack. The company confirmed the breach but said mobile users and those using other extension versions were not affected, and its team is actively working to resolve the issue and will share updates as developments occur.
According to blockchain expert ZachXBT, Trust Wallet suffered a $7 million loss due to a security vulnerability in its extension. The team remains engaged in the investigation and is expected to provide further information as it becomes available.
CZ emphasized that user funds were safe and that Trust Wallet would cover all losses, noting that the incident is under investigation. So far, the attack has affected $7 million, and Trust Wallet has committed to covering the losses.
SlowMist’s Yu Xian cautioned that attackers began preparations in early December, with a backdoor placed on December 22. Money transfers began on Christmas Day, leading to the breach being discovered.
Leave a Reply