Binance affiliate Trust Wallet hacked, $7 million affected; investigation underway – what should impacted users do?

Users of the Binance-owned Trust Wallet lost over $7 million following the launch of an updated Chrome extension. The company's co-founder, Changpeng Zhao, said that the stolen funds will be reimbursed.

“We’ve identified a security incident affecting Trust Wallet Browser Extension version 2.68 only. Users with Browser Extension 2.68 should disable and upgrade to 2.69,” Trust Wallet said in a post on X.

In a separate post on X, the crypto wallet platform on 25 December said, “We’ve confirmed that approximately $7M has been impacted and we will ensure all affected users are refunded.”

Meanwhile, Zhao also assured that the team is still investigating how hackers were able to access the new version.

Who is not impacted?

It should be noted that mobile-only users and all other browser extension versions are not affected, according to Trust Wallet.

What should affected users do?

If you are an affected user of Browser Extension v2.68, follow these instructions shared on the Trust Wallet X platform.

Step 1: Do not open the Trust Wallet Browser Extension v2.68 on your desktop device to protect the security of your wallet and avoid potential issues.

Step 2: Open the Chrome Extensions panel in your Chrome browser by copying this URL into the address bar: chrome://extensions/?id=egjidjbpglichdcondbcbdnbeeppgdph (shortcut to the Official Trust Wallet Browser Extension).

Step 3: Switch the toggle to "Off" below the Trust Wallet if it's still "On".

Step 4: Click "Developer mode" in the upper right corner.

Step 5: Press the "Update" on the left upper corner.

Step 6. Check the version number: 2.69. This is the latest and secure version.

If you haven't updated to Extension version 2.69 yet, please avoid opening the Browser Extension until you have done so. This helps protect your wallet's security and prevents potential issues.

How did social media users react?

Several social media users reacted to the security breach incident.

One of the users flagged, “The problem has been going on for several hours.”

Another user noted, “You must explain what happened and compensate all users affected. Otherwise reputation is tarnished.”

A user questioned, “How did the vulnerability in version 2.68 get past testing, and what changes are being made to prevent similar issues?”

About Trust Wallet

Trust Wallet is a self-custody crypto wallet where users can buy, sell, store, swap, and manage their cryptocurrencies, meme coins, NFTs, and more. It allows users to buy, deposit, and withdraw cryptocurrencies.

In 2018, Binance acquired Trust Wallet, a leading cryptocurrency exchange globally. Since then, Trust Wallet has been downloaded over 100 million times and supports more than 10 million crypto assets spanning over 100 blockchains, according to its website.