Trust Wallet Discloses Security Flaw Resulting in $170k Loss

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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Trust Wallet Partners with Ramp and MoonPay for Crypto-to-Fiat Withdrawals

Trust Wallet, the official cryptocurrency wallet of Binance, has announced a new partnership with Ramp and MoonPay. This partnership will introduce a new feature that enables Trust Wallet users to convert their cryptocurrency holdings to fiat currencies directly within the app.

The feature is a major development for Trust Wallet users as it eliminates the need for them to transfer their funds to a centralized wallet before they can convert their holdings to fiat. With this new functionality, users can enter and exit the cryptocurrency market entirely through their self-custody wallet, giving them complete control over their cryptocurrency funds.

Trust Wallet’s head of product, Eric Chang, emphasized that the new feature will be a boon for customers, especially during a time when the market is turbulent and crypto platforms are under heavy scrutiny over managing customers’ funds.

The partnership with Ramp and MoonPay comes as several centralized exchanges and even peer-to-peer platforms are shutting down. The latest to announce its closure is Paxful, a popular P2P global exchange that cited regulatory challenges and staff shortages as reasons for its closure.

Trust Wallet offers access to 65 different blockchains and boasts a customer base of 60 million users. In addition to crypto-to-fiat withdrawals, Trust Wallet also provides access to decentralized applications (DApps), enabling users to communicate with DApps on any supported blockchain. Its features include buying, staking, trading, and storing various cryptocurrencies.

It is worth noting, however, that Trust Wallet is not a cold wallet or hardware wallet. As long as there is an internet connection, Trust Wallet functions as a hot wallet and can be accessed via a secure connection online. While this feature was intended to help users, it proved to be a disaster for the co-founder of the Web3 metaverse game engine “Webaverse,” who lost $4 million from his Trust Wallet.

In conclusion, the partnership between Trust Wallet, Ramp, and MoonPay represents a significant step forward for Trust Wallet users. The new feature makes it easier and more convenient for users to convert their cryptocurrency holdings to fiat, without having to go through the hassle of transferring funds to a centralized wallet. While Trust Wallet is not a cold wallet, it remains a popular choice for many crypto enthusiasts who want to manage their cryptocurrency holdings independently.


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