Trust Wallet users were shocked by the sudden disappearance of funds in their accounts, prompting them to raise the issue on X. Some fear that the wallets may have been hacked, as hackers are always targeting cryptocurrency wallets.
In response to X’s post, some users highlighted that the issue goes beyond the balances, as the buy and sell contract has issues. However, some were relieved and grateful to have their funds and efforts in restoring wallet operations.
Cryptocurrency Hackers Stole Up To $2.2 Billion In 2024
Although the Trust Wallet bug was just a glitch, it caused widespread panic among the community, who feared that their wallets had been depleted. Their fears were valid, given the increasing frequency of security breaches in the crypto space. Chainalysis reports that crypto thieves stole a staggering $2.2 billion worth of cryptocurrency in 2024.
Most cryptocurrency losses in 2024 were caused by hacking linked to the Democratic People’s Republic of Korea (DPRK). A Chainalysis report reveals that North Korean hackers, including the Lazarus Killer, accounted for 61% of all crypto stolen this year.
Although DeFi was hit hardest by hackers in the first months of 2024, centralized finance took the biggest financial hit in the second and third quarters of the year. DMM Bitcoin suffered a $305 million loss from hackers in May, and in July, WazirX lost $234.9 million.
The team resolved the issue and resumed operations normally.
Through their X account, Trust Wallet reported that they had successfully resolved the glitch and the wallet was fully functional. Some users confirmed that they could access their balances.
Trust Wallet is one of the many digital wallets that cryptocurrency users rely on. It has always boasted of strong security measures and easy navigation features. If that were the case, the glitch would have been the biggest test for the digital wallet.
Security risks associated with cryptocurrencies may increase over time, requiring users to exercise caution.
Artificial intelligence could further complicate the situation. Most hackers have started using AI to launch sophisticated attacks, including phishing, deepfakes, and malware.