Trust Wallet Takes Responsibility: Promises $170,000 Reimbursement to Users Affected by Security Breach

"Trust Wallet Discovers Vulnerability in Wallet Core Library through Bug Bounty Program"

Trust Wallet, a popular cryptocurrency wallet, has recently discovered a security vulnerability in its open-source library Wallet Core. The issue was reported by a security researcher through the company’s bug bounty program in November 2022. According to Trust Wallet, the vulnerability is related to WebAssembly and affects new wallet addresses generated by the Browser Extension between November 14 and 23, 2022.

In a statement released by the company, Trust Wallet reassures its users that all wallet addresses created before and after the aforementioned dates are safe. However, those who have generated new wallet addresses during that period are advised to take immediate action to secure their funds.

Trust Wallet has already released a fix for the vulnerability and urges all affected users to update their wallets to the latest version. The company also emphasizes the importance of regularly updating software to ensure the highest level of security.

This incident serves as a reminder of the ever-present threat of cyber attacks in the world of cryptocurrency. As the value of digital assets continues to rise, so does the incentive for hackers to exploit vulnerabilities and steal funds. It is crucial for users to remain vigilant and take necessary precautions to protect their investments.

Trust Wallet’s bug bounty program is an example of the proactive measures that companies can take to identify and address security issues before they can be exploited by malicious actors. By incentivizing security researchers to report vulnerabilities, companies can stay ahead of potential threats and keep their users’ funds safe.

In conclusion, while the discovery of a security vulnerability in Trust Wallet’s open-source library Wallet Core is concerning, the company’s swift response and release of a fix is commendable. This incident highlights the importance of regularly updating software and remaining vigilant in the face of potential cyber threats.

Martin Reid

Martin Reid

Leave a Replay

Scroll to Top