Key Points:

  • Trust Wallet was hacked, causing the platform to lose about $4 million.

  • Trust Wallet said the perpetrator is a criminal organization based in Rome (the capital of Italy), which has carried out many scams in Milan and Barcelona.

  • Fraudsters gain control through victims downloading malware under the guise of NDA PDF and sending KYC information.

In an official announcement, crypto wallet Trust Wallet announced that there was an attack that took place on the platform over the past week, with an estimated loss of $4 million.

2/ Original tweet for reference: https://t.co/vrQU4y7BQwWe have been investigating the reported activity and speaking with security professionals on this matter. We believe this was caused by a social engineering scam that involved a series of events ahead of that moment

— Trust – Crypto Wallet (@TrustWallet) February 8, 2023

In a series of Twitter posts, Trust Wallet said the perpetrator was a criminal organization in Rome (the capital of Italy), which had carried out many scams in Milan and Barcelona. In all reported cases, the victims used different hot and cold wallet services on other devices related to previous events.

They often claim to be a Web3 project investor, insisting on meeting face-to-face and asking to see their prey’s hot wallet or force to send money to a wallet before the meeting.

In addition, the scammers offer victims to download malware under the guise of NDA PDF and submitted KYC information. From there, take control of the wallet and steal the money. Ahad Shams, a victim, revealed that hackers stole his wallet balance, from which he obtained the private key.

To reassure users, the wallet provider confirms that internal and external parties have thoroughly audited its mobile app extension.

“Trust Wallet mobile apps and extension are security audited and pen-tested by our internal security team as well as external 3rd party security auditors too. Rest assured if you use Trust Wallet your assets are safe but it is important to remain vigilant.”

The Trust recommends that the community report it to law enforcement and advise users on protecting themselves. But the platform only asks users to contact them when they need support but does not offer a clear response plan for the hack. Before the response from Trust, many users still required to be satisfied and kept asking questions again.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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